PDT Partners LLC Buys Shares of 12,076 OFG Bancorp $OFG

PDT Partners LLC purchased a new stake in OFG Bancorp (NYSE:OFG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 12,076 shares of the bank’s stock, valued at approximately $593,000.

Several other hedge funds have also recently modified their holdings of OFG. Dimensional Fund Advisors LP boosted its stake in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after purchasing an additional 27,774 shares in the last quarter. Deutsche Bank AG bought a new position in OFG Bancorp in the second quarter worth approximately $20,652,000. Empowered Funds LLC lifted its holdings in OFG Bancorp by 19.9% during the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock worth $8,592,000 after buying an additional 35,269 shares during the period. Summit Global Investments purchased a new stake in OFG Bancorp during the second quarter worth $1,407,000. Finally, Intech Investment Management LLC boosted its position in OFG Bancorp by 109.0% during the 4th quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock valued at $6,067,000 after acquiring an additional 77,223 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OFG shares. Wells Fargo & Company lifted their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Finally, Truist Financial boosted their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $55.20.

OFG Bancorp Price Performance

NYSE OFG opened at $52.02 on Friday. The firm’s fifty day simple moving average is $51.17 and its two-hundred day simple moving average is $45.93. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The firm has a market capitalization of $2.20 billion, a P/E ratio of 10.24 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.28 million for the quarter, compared to the consensus estimate of $182.64 million. During the same period in the prior year, the firm posted $1.15 earnings per share. Analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jesus Nestor De sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by insiders.

OFG Bancorp Company Profile

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.