107,985 Shares in OFG Bancorp (NYSE:OFG) Purchased by Empowered Funds LLC

Empowered Funds LLC acquired a new position in OFG Bancorp (NYSE:OFG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 107,985 shares of the bank’s stock, valued at approximately $4,570,000. Empowered Funds LLC owned about 0.24% of OFG Bancorp at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new position in shares of OFG Bancorp in the second quarter valued at approximately $453,000. CWM LLC lifted its holdings in OFG Bancorp by 138.1% in the 3rd quarter. CWM LLC now owns 4,448 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,580 shares in the last quarter. Blue Trust Inc. boosted its stake in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in OFG Bancorp by 11.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,660 shares of the bank’s stock worth $1,273,000 after purchasing an additional 3,041 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after buying an additional 1,927 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Trading Up 1.9 %

Shares of OFG stock opened at $43.99 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company’s 50-day moving average price is $43.11 and its 200-day moving average price is $43.32. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 10.42 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period last year, the business posted $0.98 EPS. As a group, equities analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.73%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. OFG Bancorp’s dividend payout ratio is presently 23.70%.

OFG Bancorp declared that its board has approved a share buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on OFG. Piper Sandler decreased their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the transaction, the chief executive officer now owns 284,775 shares of the company’s stock, valued at $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.11% of the stock is owned by insiders.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.