Connor Clark & Lunn Investment Management Ltd. Makes New Investment in OFG Bancorp $OFG

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,102 shares of the bank’s stock, valued at approximately $218,000.

Other large investors have also made changes to their positions in the company. Quarry LP lifted its holdings in OFG Bancorp by 458.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the bank’s stock valued at $107,000 after purchasing an additional 2,189 shares during the last quarter. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of OFG Bancorp during the second quarter worth approximately $209,000. Vident Advisory LLC bought a new position in shares of OFG Bancorp in the first quarter valued at approximately $210,000. US Bancorp DE raised its stake in shares of OFG Bancorp by 156.9% in the first quarter. US Bancorp DE now owns 7,827 shares of the bank’s stock valued at $313,000 after acquiring an additional 4,780 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of OFG Bancorp in the 1st quarter worth approximately $328,000. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Truist Financial dropped their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Wells Fargo & Company lowered their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Finally, Zacks Research raised shares of OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, OFG Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $47.17.

Insiders Place Their Bets

In other OFG Bancorp news, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the sale, the director owned 27,543 shares in the company, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the transaction, the chief executive officer directly owned 184,675 shares in the company, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,000 shares of company stock valued at $2,247,747 in the last ninety days. Company insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

Shares of OFG stock opened at $39.76 on Friday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 9.04 and a beta of 0.84. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $41.53 and a 200 day moving average price of $42.46.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The company had revenue of $184.00 million for the quarter, compared to the consensus estimate of $186.71 million. During the same period in the prior year, the company posted $1.00 EPS. The company’s revenue was up 5.7% compared to the same quarter last year. Research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

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.