EMC Capital Management Lowers Holdings in OFG Bancorp $OFG

EMC Capital Management trimmed its stake in shares of OFG Bancorp (NYSE:OFG) by 66.2% during the 2nd quarter, Holdings Channel reports. The fund owned 6,154 shares of the bank’s stock after selling 12,060 shares during the quarter. EMC Capital Management’s holdings in OFG Bancorp were worth $263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Empowered Funds LLC lifted its holdings in OFG Bancorp by 211.0% in the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock valued at $18,051,000 after acquiring an additional 286,113 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of OFG Bancorp by 5.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock valued at $494,000 after purchasing an additional 547 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of OFG Bancorp by 4.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after purchasing an additional 396 shares during the period. Geode Capital Management LLC lifted its stake in shares of OFG Bancorp by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock valued at $47,548,000 after purchasing an additional 6,241 shares during the period. Finally, denkapparat Operations GmbH purchased a new stake in OFG Bancorp during the second quarter worth $240,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at OFG Bancorp

In related news, Director Jorge Colon sold 25,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the transaction, the director directly owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. This represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s 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 owned 184,675 shares in the company, valued at $7,562,441.25. The trade was a 12.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,000 shares of company stock valued at $2,247,747 over the last quarter. 2.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of recent analyst reports. Truist Financial cut their price objective on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Keefe, Bruyette & Woods cut their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, October 23rd. UBS Group set a $50.00 price target on OFG Bancorp in a report on Thursday, October 9th. Zacks Research raised OFG Bancorp to a “hold” rating in a report on Friday, October 10th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $47.17.

OFG Bancorp Stock Up 1.5%

OFG opened at $39.81 on Wednesday. The company has a market cap of $1.75 billion, a PE ratio of 9.05 and a beta of 0.84. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a 50-day moving average price of $41.79 and a 200 day moving average price of $42.51. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33.

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

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, December 31st. OFG Bancorp’s payout ratio is presently 27.27%.

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.