Blue Trust Inc. Buys 946 Shares of OFG Bancorp (NYSE:OFG)

Blue Trust Inc. raised its stake in OFG Bancorp (NYSE:OFG) by 84.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,061 shares of the bank’s stock after acquiring an additional 946 shares during the period. Blue Trust Inc.’s holdings in OFG Bancorp were worth $93,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in shares of OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after acquiring an additional 263 shares during the period. Farther Finance Advisors LLC lifted its position in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of OFG Bancorp by 736.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock worth $101,000 after purchasing an additional 2,100 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of OFG Bancorp by 56.7% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock valued at $115,000 after purchasing an additional 926 shares during the last quarter. Finally, CWM LLC increased its position in shares of OFG Bancorp by 138.1% during the third quarter. CWM LLC now owns 4,448 shares of the bank’s stock worth $200,000 after buying an additional 2,580 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Insider Buying and Selling at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the 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 directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Piper Sandler dropped their price objective 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. Finally, Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd.

OFG Bancorp Stock Down 0.7 %

Shares of NYSE OFG opened at $43.65 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The firm has a market cap of $2.00 billion, a PE ratio of 10.34 and a beta of 1.00. The company’s fifty day simple moving average is $43.17 and its 200 day simple moving average is $43.40. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) 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 previous year, the firm posted $0.98 EPS. As a group, sell-side analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp declared that its board has authorized a stock buyback program on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management 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 issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 2.75%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio is presently 23.70%.

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.