OFG Bancorp (NYSE:OFG – Free Report) had its price objective lifted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the bank’s stock.
Several other research firms have also recently issued reports on OFG. Piper Sandler lowered their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company decreased their target price on OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday, January 6th.
View Our Latest Report on OFG Bancorp
OFG Bancorp Stock Down 1.8 %
OFG Bancorp (NYSE:OFG – Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period last year, the business posted $0.98 EPS. As a group, equities research analysts predict that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.
OFG Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Tuesday, December 31st. OFG Bancorp’s payout ratio is 23.70%.
OFG Bancorp announced that its board has authorized a stock buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
Insider Activity at OFG Bancorp
In other news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the transaction, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at $12,883,221. The trade was a 14.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.11% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after buying an additional 263 shares during the period. R Squared Ltd purchased a new stake in OFG Bancorp during the 4th quarter valued at approximately $44,000. Blue Trust Inc. lifted its position in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after acquiring an additional 1,070 shares during the period. Farther Finance Advisors LLC grew its stake in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.
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.
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