Squarepoint Ops LLC Buys 26,278 Shares of OFG Bancorp $OFG

Squarepoint Ops LLC increased its stake in OFG Bancorp (NYSE:OFG) by 12.9% during the second quarter, Holdings Channel.com reports. The fund owned 229,218 shares of the bank’s stock after buying an additional 26,278 shares during the period. Squarepoint Ops LLC’s holdings in OFG Bancorp were worth $11,248,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Unison Advisors LLC increased its position in OFG Bancorp by 0.7% during the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after purchasing an additional 221 shares during the period. Allworth Financial LP boosted its stake in shares of OFG Bancorp by 186.2% in the 2nd quarter. Allworth Financial LP now owns 641 shares of the bank’s stock valued at $31,000 after purchasing an additional 417 shares during the last quarter. Trexquant Investment LP boosted its stake in shares of OFG Bancorp by 0.4% in the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after purchasing an additional 446 shares during the last quarter. Polymer Capital Management US LLC increased its position in shares of OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after buying an additional 466 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after buying an additional 506 shares during the period. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on OFG. Benchmark initiated coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. Truist Financial upped their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler set a $56.00 price target on OFG Bancorp in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Trading Down 0.7%

Shares of OFG Bancorp stock opened at $52.19 on Thursday. The stock has a market capitalization of $2.21 billion, a PE ratio of 10.27 and a beta of 0.68. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $54.47. The stock has a 50 day moving average price of $51.90 and a two-hundred day moving average price of $46.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same period in the prior year, the firm earned $1.15 earnings per share. As a group, equities analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is 27.56%.

Insiders Place Their Bets

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 66,352 shares of company stock worth $3,491,362. Insiders own 1.23% of the company’s stock.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.