OFG Bancorp (NYSE:OFG) Shares Purchased by MassMutual Private Wealth & Trust FSB

MassMutual Private Wealth & Trust FSB boosted its position in shares of OFG Bancorp (NYSE:OFG) by 736.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,385 shares of the bank’s stock after buying an additional 2,100 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in OFG Bancorp were worth $101,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares during the period. Blue Trust Inc. increased its position in shares of OFG Bancorp by 2,377.8% in the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after buying an additional 1,070 shares in the last quarter. Quarry LP increased its position in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after buying an additional 996 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of OFG Bancorp by 4,014.6% during the 3rd 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 during the period. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of OFG Bancorp by 56.7% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock valued at $115,000 after buying an additional 926 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OFG shares. Keefe, Bruyette & Woods increased their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler lowered their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.11% of the stock is owned by company insiders.

OFG Bancorp Stock Down 1.8 %

Shares of NYSE OFG opened at $43.30 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $43.57 and a 200 day moving average of $43.22. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The stock has a market cap of $1.99 billion, a PE ratio of 10.53 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. During the same period in the previous year, the firm earned $0.98 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp announced that its Board of Directors has initiated a share repurchase program on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.