Magnetar Financial LLC Makes New $232,000 Investment in OFG Bancorp $OFG

Magnetar Financial LLC acquired a new stake in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, Holdings Channel reports. The fund acquired 5,411 shares of the bank’s stock, valued at approximately $232,000.

A number of other large investors also recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd purchased a new stake in OFG Bancorp in the 2nd quarter worth $957,000. Empowered Funds LLC boosted its stake in OFG Bancorp by 211.0% during the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after buying an additional 286,113 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake 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 worth $494,000 after purchasing an additional 547 shares during the period. Police & Firemen s Retirement System of New Jersey raised its position in 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 worth $437,000 after purchasing an additional 396 shares during the period. Finally, Geode Capital Management LLC raised its position in OFG Bancorp by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock worth $47,548,000 after purchasing an additional 6,241 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

OFG Bancorp Stock Performance

OFG stock opened at $40.05 on Thursday. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.63. The business has a 50-day moving average price of $41.31 and a 200 day moving average price of $42.44. The company has a market capitalization of $1.76 billion, a P/E ratio of 9.10 and a beta of 0.84. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.87.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.16. The company had revenue of $186.18 million for the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 EPS. As a group, equities research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Truist Financial decreased their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Wells Fargo & Company decreased their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Zacks Research upgraded shares of OFG Bancorp to a “hold” rating in a report on Friday, October 10th. UBS Group set a $50.00 price target on shares of OFG Bancorp in a research note on Thursday, October 9th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.17.

OFG Bancorp Company 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.