Hsbc Holdings PLC Takes $489,000 Position in OFG Bancorp $OFG

Hsbc Holdings PLC bought a new stake in OFG Bancorp (NYSE:OFG) in the 1st quarter, Holdings Channel reports. The fund bought 12,123 shares of the bank’s stock, valued at approximately $489,000.

A number of other large investors have also added to or reduced their stakes in the company. Range Financial Group LLC lifted its holdings in OFG Bancorp by 1.2% in the 1st quarter. Range Financial Group LLC now owns 50,935 shares of the bank’s stock worth $2,061,000 after buying an additional 584 shares in the last quarter. Unison Advisors LLC grew its stake in shares of OFG Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after acquiring an additional 221 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of OFG Bancorp by 15.1% during the first quarter. Y Intercept Hong Kong Ltd now owns 99,904 shares of the bank’s stock valued at $4,042,000 after acquiring an additional 13,105 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of OFG Bancorp during the first quarter worth about $1,223,000. Finally, Strs Ohio increased its position in shares of OFG Bancorp by 43.2% during the first quarter. Strs Ohio now owns 15,900 shares of the bank’s stock worth $643,000 after acquiring an additional 4,800 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $52.92 on Friday. The firm has a market cap of $2.24 billion, a PE ratio of 10.42 and a beta of 0.70. The firm’s 50-day simple moving average is $48.72 and its 200-day simple moving average is $44.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $53.30.

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

OFG Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently commented on OFG. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Wells Fargo & Company lifted their price objective on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Truist Financial raised their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Insider Buying and Selling

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction that occurred on 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 transaction, the chief executive officer 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.23% of the stock is currently owned by corporate 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.