SummerHaven Investment Management LLC Purchases New Stake in OFG Bancorp $OFG

SummerHaven Investment Management LLC purchased a new position in shares of OFG Bancorp (NYSE:OFG) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 20,170 shares of the bank’s stock, valued at approximately $1,010,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. USA Financial Formulas acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at approximately $47,000. TD Waterhouse Canada Inc. increased its holdings in OFG Bancorp by 11.6% during the third quarter. TD Waterhouse Canada Inc. now owns 24,879 shares of the bank’s stock worth $1,260,000 after buying an additional 2,594 shares during the last quarter. NorthCrest Asset Manangement LLC increased its holdings in OFG Bancorp by 0.7% during the third quarter. NorthCrest Asset Manangement LLC now owns 29,904 shares of the bank’s stock worth $1,523,000 after buying an additional 208 shares during the last quarter. Engineers Gate Manager LP increased its holdings in OFG Bancorp by 60.7% during the second quarter. Engineers Gate Manager LP now owns 42,084 shares of the bank’s stock worth $2,065,000 after buying an additional 15,902 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in OFG Bancorp during the second quarter worth $57,000. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Truist Financial increased their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, OFG Bancorp presently has a consensus rating of “Hold” and a consensus target price of $56.50.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Fernandez sold 52,352 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This trade represents a 25.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is owned by insiders.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $52.69 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average price is $52.03 and its two-hundred day moving average price is $48.73. The company has a market cap of $2.23 billion, a PE ratio of 10.37 and a beta of 0.73. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating 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 company had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. During the same period last year, the firm posted $1.15 earnings per share. On average, analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

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

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides a range of banking and financial services to individuals, businesses and government entities.

Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.