OFG Bancorp $OFG Shares Newly Acquired by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC purchased a new stake in OFG Bancorp (NYSE:OFG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 20,170 shares of the bank’s stock, valued at approximately $1,010,000.

Several other large investors have also recently bought and sold shares of OFG. BlackRock Inc. acquired a new stake in OFG Bancorp during the 2nd quarter worth approximately $302,289,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in OFG Bancorp in the 2nd quarter valued at $24,993,000. Jupiter Topco LLC bought a new stake in OFG Bancorp in the 2nd quarter valued at $21,094,000. Deutsche Bank AG acquired a new position in OFG Bancorp in the 2nd quarter valued at $20,652,000. Finally, Bank of New York Mellon Corp acquired a new position in OFG Bancorp in the 2nd quarter valued at $18,687,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Up 1.1%

Shares of OFG opened at $52.69 on Friday. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47. The firm’s 50 day moving average is $52.03 and its 200-day moving average is $48.73. The stock has a market capitalization of $2.23 billion, a PE ratio of 10.37 and a beta of 0.73. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32.

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

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Néstor de Jesús sold 4,000 shares of OFG Bancorp stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the transaction, the director directly owned 20,040 shares of the company’s stock, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,352 shares of company stock valued at $3,491,362 over the last 90 days. 1.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

OFG has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price objective on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on OFG Bancorp in a report on Wednesday, July 22nd. Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Tuesday, October 6th. Finally, Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.50.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides a range of banking and financial services to individuals, businesses and government entities.

Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.