Elevation Point Wealth Partners LLC Takes Position in OFG Bancorp $OFG

Elevation Point Wealth Partners LLC bought a new position in OFG Bancorp (NYSE:OFG) during the second quarter, Holdings Channel.com reports. The institutional investor bought 29,827 shares of the bank’s stock, valued at approximately $1,474,000.

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

Analyst Ratings Changes

OFG has been the subject of several research reports. Truist Financial upped their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a report on Wednesday, July 22nd. 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 report on Wednesday, July 22nd. Finally, Benchmark assumed coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating for the company. One 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Price Performance

Shares of OFG stock opened at $52.23 on Monday. The firm has a market cap of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47. The business’s 50 day moving average price is $50.76 and its 200-day moving average price is $45.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. During the same quarter in the previous year, the company earned $1.15 earnings per share. On average, equities research analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jesus Nestor De sold 4,000 shares of OFG Bancorp 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 transaction, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. The trade was a 16.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp 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 completion of the transaction, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by insiders.

OFG Bancorp 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.