The Manufacturers Life Insurance Company Increases Stock Position in OFG Bancorp (NYSE:OFG)

The Manufacturers Life Insurance Company boosted its holdings in shares of OFG Bancorp (NYSE:OFG) by 3.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,893 shares of the bank’s stock after buying an additional 886 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of OFG Bancorp worth $895,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Capstone Investment Advisors LLC bought a new position in shares of OFG Bancorp in the 1st quarter worth $844,000. Janney Montgomery Scott LLC bought a new position in shares of OFG Bancorp during the 1st quarter worth approximately $649,000. Russell Investments Group Ltd. lifted its position in OFG Bancorp by 6.1% during the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock valued at $8,927,000 after acquiring an additional 13,869 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in OFG Bancorp by 172.3% in the first quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock valued at $1,342,000 after acquiring an additional 23,075 shares in the last quarter. Finally, Raffles Associates LP grew its holdings in OFG Bancorp by 9.3% in the second quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after purchasing an additional 12,000 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Insider Transactions at OFG Bancorp

In related news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the completion of the sale, the director now owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OFG. Wells Fargo & Company raised their price objective on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Hovde Group increased their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Finally, Piper Sandler assumed coverage on OFG Bancorp in a research report on Monday, August 26th. They issued an “overweight” rating and a $49.00 target price on the stock.

OFG Bancorp Stock Up 3.3 %

OFG Bancorp stock opened at $44.15 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $2.06 billion, a PE ratio of 10.87 and a beta of 0.98. The business has a 50 day simple moving average of $43.59 and a 200-day simple moving average of $39.90. OFG Bancorp has a 12 month low of $28.32 and a 12 month high of $47.57.

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 net margin of 22.95% and a return on equity of 16.25%. The firm had revenue of $179.40 million during the quarter, compared to the consensus estimate of $176.09 million. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts anticipate that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.27%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.63%.

OFG Bancorp Company Profile

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.