Barclays PLC Has $4.31 Million Holdings in OFG Bancorp (NYSE:OFG)

Barclays PLC grew its holdings in OFG Bancorp (NYSE:OFG) by 83.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,045 shares of the bank’s stock after buying an additional 43,738 shares during the period. Barclays PLC owned 0.21% of OFG Bancorp worth $4,314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in OFG Bancorp during the 3rd quarter valued at $984,000. Raffles Associates LP lifted its stake in shares of OFG Bancorp by 9.3% during the 2nd quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares during the last quarter. Foundry Partners LLC bought a new stake in shares of OFG Bancorp during the 3rd quarter worth about $6,038,000. State Street Corp grew its stake in OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after buying an additional 19,372 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in OFG Bancorp in the 3rd quarter valued at about $759,000. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Piper Sandler decreased their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price objective on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their target price on OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.11% of the stock is currently owned by company insiders.

OFG Bancorp Trading Up 2.0 %

Shares of NYSE:OFG opened at $41.81 on Friday. The business’s 50 day simple moving average is $43.21 and its 200 day simple moving average is $42.21. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $1.92 billion, a P/E ratio of 10.17 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the previous year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts anticipate that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp announced that its board has authorized a share repurchase plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

OFG Bancorp 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.