Jane Street Group LLC Purchases 19,963 Shares of OFG Bancorp (NYSE:OFG)

Jane Street Group LLC raised its position in shares of OFG Bancorp (NYSE:OFG) by 32.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,203 shares of the bank’s stock after acquiring an additional 19,963 shares during the period. Jane Street Group LLC owned approximately 0.18% of OFG Bancorp worth $3,693,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares during the period. Foundry Partners LLC bought a new stake in shares of OFG Bancorp in the third quarter valued at approximately $6,038,000. Marshall Wace LLP acquired a new stake in shares of OFG Bancorp in the second quarter worth $2,112,000. X Square Capital LLC grew its stake in shares of OFG Bancorp by 46.7% in the second quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock worth $6,256,000 after acquiring an additional 53,190 shares during the last quarter. Finally, Intech Investment Management LLC raised its stake in OFG Bancorp by 411.3% during the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock valued at $2,892,000 after purchasing an additional 51,798 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Price Performance

NYSE:OFG opened at $41.00 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The company has a 50-day moving average of $43.26 and a 200-day moving average of $42.17. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 9.98 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last announced 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 business had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the prior year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

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

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction 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 approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods lifted their target price 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, Piper Sandler cut their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

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.