Point72 DIFC Ltd Acquires Shares of 5,145 OFG Bancorp (NYSE:OFG)

Point72 DIFC Ltd bought a new position in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,145 shares of the bank’s stock, valued at approximately $193,000.

Several other hedge funds also recently made changes to their positions in the business. New Millennium Group LLC acquired a new position in OFG Bancorp in the second quarter valued at about $30,000. CWM LLC increased its holdings in OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after buying an additional 1,112 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at approximately $90,000. EntryPoint Capital LLC bought a new stake in shares of OFG Bancorp during the 1st quarter worth approximately $121,000. Finally, Lazard Asset Management LLC boosted its position 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 worth $153,000 after acquiring an additional 2,804 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Insider Transactions at OFG Bancorp

In related news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.11% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on OFG. Piper Sandler initiated coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company. Hovde Group boosted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company raised their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd.

OFG Bancorp Stock Performance

NYSE OFG opened at $44.41 on Friday. OFG Bancorp has a fifty-two week low of $28.32 and a fifty-two week high of $47.57. The stock has a market cap of $2.07 billion, a PE ratio of 11.36 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s fifty day moving average price is $44.06 and its two-hundred day moving average price is $39.33.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. During the same period in the previous year, the business posted $0.93 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts expect that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

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.