21,263 Shares in OFG Bancorp (NYSE:OFG) Acquired by Inspire Investing LLC

Inspire Investing LLC purchased a new stake in shares of OFG Bancorp (NYSE:OFG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 21,263 shares of the bank’s stock, valued at approximately $796,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. New Millennium Group LLC acquired a new position in shares of OFG Bancorp during the 2nd quarter valued at $30,000. CWM LLC lifted its stake in shares of OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of OFG Bancorp in the second quarter worth about $90,000. EntryPoint Capital LLC acquired a new stake in shares of OFG Bancorp in the first quarter valued at about $121,000. Finally, Lazard Asset Management LLC raised its holdings in shares of OFG Bancorp by 206.6% during the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after buying an additional 2,804 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Price Performance

OFG stock opened at $44.67 on Friday. The stock’s 50 day moving average is $43.77 and its two-hundred day moving average is $39.03. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The company has a market capitalization of $2.10 billion, a PE ratio of 11.55 and a beta of 0.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The business had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. Analysts predict that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.24%. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the sale, the director now owns 70,919 shares in the company, valued at $3,243,125.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

OFG has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Hovde Group upped their target price on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, Piper Sandler started coverage on shares of OFG Bancorp in a research note on Monday, August 26th. They set an “overweight” rating and a $49.00 price target on the stock.

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.