Denali Advisors LLC Acquires Shares of 32,900 OFG Bancorp (NYSE:OFG)

Denali Advisors LLC bought a new position in OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 32,900 shares of the bank’s stock, valued at approximately $1,232,000. Denali Advisors LLC owned about 0.07% of OFG Bancorp at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in OFG. Arizona State Retirement System lifted its position in OFG Bancorp by 1.9% during the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in OFG Bancorp by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of OFG Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after purchasing an additional 412 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in shares of OFG Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 41,191 shares of the bank’s stock worth $1,516,000 after purchasing an additional 540 shares during the period. Finally, Rhumbline Advisers increased its position in shares of OFG Bancorp by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock valued at $5,262,000 after purchasing an additional 568 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Trading Up 0.9 %

NYSE OFG opened at $44.28 on Tuesday. The company’s 50-day moving average price is $43.37 and its 200-day moving average price is $38.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.06 billion, a PE ratio of 11.32 and a beta of 0.99. OFG Bancorp has a 12 month low of $28.18 and a 12 month high of $47.57.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. The firm had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. Equities research analysts forecast that OFG Bancorp will post 4.27 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s payout ratio is presently 25.58%.

Insider Transactions at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now directly owns 70,919 shares in the company, valued at $3,243,125.87. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on OFG. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Hovde Group boosted their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler started coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective on the stock.

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.