OFG Bancorp (NYSE:OFG) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP increased its stake in OFG Bancorp (NYSE:OFG) by 2.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 769,727 shares of the bank’s stock after acquiring an additional 19,599 shares during the period. Wellington Management Group LLP’s holdings in OFG Bancorp were worth $34,576,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares during the period. Centiva Capital LP boosted its position in shares of OFG Bancorp by 12.9% during the 3rd quarter. Centiva Capital LP now owns 14,592 shares of the bank’s stock valued at $655,000 after purchasing an additional 1,665 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of OFG Bancorp in the 3rd quarter worth approximately $234,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of OFG Bancorp by 56.7% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock worth $115,000 after purchasing an additional 926 shares in the last quarter. Finally, Martingale Asset Management L P lifted its stake in OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after purchasing an additional 460 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $43.86 on Friday. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 10.67 and a beta of 1.02. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock’s fifty day simple moving average is $43.27 and its 200-day simple moving average is $41.97.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The business had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. On average, sell-side analysts predict that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has initiated a stock repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.28%. OFG Bancorp’s dividend payout ratio is presently 24.33%.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

About OFG Bancorp

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.