Hsbc Holdings PLC Purchases Shares of 12,123 OFG Bancorp $OFG

Hsbc Holdings PLC acquired a new stake in shares of OFG Bancorp (NYSE:OFG) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,123 shares of the bank’s stock, valued at approximately $489,000.

Other large investors have also modified their holdings of the company. Quarry LP acquired a new stake in shares of OFG Bancorp in the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC increased its position in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in OFG Bancorp during the second quarter worth approximately $97,000. Quantbot Technologies LP purchased a new position in OFG Bancorp during the second quarter worth approximately $162,000. Finally, Caxton Associates LLP purchased a new position in OFG Bancorp during the third quarter worth approximately $206,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.8%

Shares of OFG Bancorp stock opened at $52.92 on Friday. The company has a fifty day moving average price of $48.72 and a 200 day moving average price of $44.24. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.30. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 10.42 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the company posted $1.15 earnings per share. Equities research analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Truist Financial boosted their price target on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Benchmark began coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.