OFG Bancorp (NYSE:OFG) Shares Acquired by EMC Capital Management

EMC Capital Management increased its stake in shares of OFG Bancorp (NYSE:OFG) by 92.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,214 shares of the bank’s stock after purchasing an additional 8,766 shares during the period. OFG Bancorp accounts for about 0.4% of EMC Capital Management’s holdings, making the stock its 15th biggest position. EMC Capital Management’s holdings in OFG Bancorp were worth $771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in OFG Bancorp during the third quarter worth $984,000. Foundry Partners LLC acquired a new stake in shares of OFG Bancorp during the third quarter valued at $6,038,000. State Street Corp increased its position in OFG Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in OFG Bancorp in the 3rd quarter valued at about $759,000. Finally, Renaissance Technologies LLC lifted its holdings in OFG Bancorp by 293.2% in the 2nd quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock valued at $2,386,000 after purchasing an additional 47,500 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.11% of the stock is owned by company insiders.

OFG Bancorp Price Performance

OFG opened at $43.77 on Thursday. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The company’s 50 day simple moving average is $43.54 and its 200 day simple moving average is $43.39. The stock has a market capitalization of $2.01 billion, a PE ratio of 10.48 and a beta of 1.02. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.98 EPS. As a group, sell-side analysts expect that OFG Bancorp will post 4.07 EPS for the current year.

OFG Bancorp declared that its Board of Directors has approved a share buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is 23.70%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on OFG shares. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Finally, Piper Sandler reduced their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Company Profile

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.