Vest Financial LLC Grows Holdings in OFG Bancorp $OFG

Vest Financial LLC grew its stake in shares of OFG Bancorp (NYSE:OFG) by 23.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 121,056 shares of the bank’s stock after buying an additional 23,312 shares during the quarter. Vest Financial LLC owned 0.27% of OFG Bancorp worth $5,265,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. NorthCrest Asset Manangement LLC raised its position in OFG Bancorp by 49.3% during the third quarter. NorthCrest Asset Manangement LLC now owns 28,901 shares of the bank’s stock valued at $1,222,000 after purchasing an additional 9,540 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of OFG Bancorp during the 3rd quarter valued at about $53,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of OFG Bancorp during the 3rd quarter valued at about $798,000. Nisa Investment Advisors LLC lifted its position in OFG Bancorp by 1.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 59,051 shares of the bank’s stock worth $2,586,000 after buying an additional 760 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in OFG Bancorp by 3.4% in the third quarter. SG Americas Securities LLC now owns 26,377 shares of the bank’s stock worth $1,147,000 after buying an additional 873 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 25,232 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the transaction, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This represents a 12.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jorge Colon sold 25,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the sale, the director owned 27,543 shares in the company, valued at approximately $1,125,131.55. This represents a 47.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,500 shares of company stock worth $2,564,302 in the last quarter. 3.11% of the stock is currently owned by company insiders.

OFG Bancorp Trading Up 3.9%

NYSE:OFG opened at $42.56 on Thursday. The firm has a market capitalization of $1.87 billion, a P/E ratio of 9.67 and a beta of 0.77. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average of $41.09 and a 200 day moving average of $42.25. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.16. The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.00 EPS. On average, research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

Analysts Set New Price Targets

Several research analysts have commented on OFG shares. Wells Fargo & Company decreased their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Keefe, Bruyette & Woods reduced their target price on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. UBS Group set a $50.00 price target on shares of OFG Bancorp in a research report on Thursday, October 9th. Finally, Truist Financial reduced their price objective on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, October 23rd. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, OFG Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.