OFG Bancorp (NYSE:OFG) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of OFG Bancorp (NYSE:OFG) by 1.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 851,714 shares of the bank’s stock after selling 14,464 shares during the period. JPMorgan Chase & Co.’s holdings in OFG Bancorp were worth $38,259,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of OFG. Arizona State Retirement System raised its position in OFG Bancorp by 1.9% in the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the period. XTX Topco Ltd raised its stake in OFG Bancorp by 5.2% during the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after acquiring an additional 413 shares in the last quarter. Martingale Asset Management L P increased its holdings in shares of OFG Bancorp by 0.5% in the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after acquiring an additional 460 shares during the period. Rhumbline Advisers lifted its position in OFG Bancorp by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after acquiring an additional 568 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of OFG Bancorp by 3.9% during the second quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock worth $895,000 after purchasing an additional 886 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Trading Up 1.9 %

NYSE:OFG opened at $42.39 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $1.95 billion, a PE ratio of 10.31 and a beta of 1.02. The stock has a fifty day simple moving average of $43.53 and a 200-day simple moving average of $42.74. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data 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 net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

OFG has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Piper Sandler reduced their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

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.