Denali Advisors LLC Acquires 97,100 Shares of OFG Bancorp $OFG

Denali Advisors LLC increased its stake in shares of OFG Bancorp (NYSE:OFG) by 1,348.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 104,300 shares of the bank’s stock after buying an additional 97,100 shares during the period. Denali Advisors LLC owned about 0.25% of OFG Bancorp worth $5,118,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Unison Advisors LLC raised its stake in shares of OFG Bancorp by 0.7% in the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after buying an additional 221 shares during the period. Trexquant Investment LP lifted its position in shares of OFG Bancorp by 0.4% during the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after buying an additional 446 shares during the last quarter. Polymer Capital Management US LLC grew its stake in shares of OFG Bancorp by 5.6% during the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after acquiring an additional 466 shares during the period. California State Teachers Retirement System grew its stake in shares of OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after acquiring an additional 506 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after acquiring an additional 552 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Insider Activity

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 66,352 shares of company stock valued at $3,491,362. Company insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OFG has been the topic of several recent research reports. Benchmark initiated coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Finally, Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.20.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $51.60 on Thursday. The firm’s fifty day moving average price is $50.59 and its 200-day moving average price is $45.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $2.18 billion, a P/E ratio of 10.16 and a beta of 0.69. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same quarter in the previous year, the company posted $1.15 EPS. On average, equities research analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

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.