VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in OFG Bancorp $OFG

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of OFG Bancorp (NYSE:OFG) in the second quarter, HoldingsChannel.com reports. The firm bought 28,287 shares of the bank’s stock, valued at approximately $1,388,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of OFG. BlackRock Inc. purchased a new position in shares of OFG Bancorp in the 2nd quarter worth $302,289,000. Dimensional Fund Advisors LP lifted its holdings in OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after acquiring an additional 27,774 shares during the period. California State Teachers Retirement System lifted its holdings in OFG Bancorp by 6,811.5% in the second quarter. California State Teachers Retirement System now owns 2,504,876 shares of the bank’s stock valued at $122,914,000 after acquiring an additional 2,468,634 shares during the period. First Trust Advisors LP boosted its position in OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock worth $93,945,000 after purchasing an additional 281,593 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in OFG Bancorp by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after purchasing an additional 13,121 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OFG. Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Finally, Benchmark began coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, OFG Bancorp has an average rating of “Moderate Buy” and a consensus target price of $55.20.

OFG Bancorp Price Performance

NYSE:OFG opened at $52.63 on Friday. The business’s 50-day simple moving average is $52.02 and its two-hundred day simple moving average is $46.71. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $54.47. The stock has a market cap of $2.22 billion, a PE ratio of 10.36 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

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 net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the business earned $1.15 earnings per share. As a group, analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Buying and Selling at OFG Bancorp

In related news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 66,352 shares of company stock worth $3,491,362 over the last ninety days. Company insiders own 1.23% of the company’s stock.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.