Range Financial Group LLC Invests $1.80 Million in OFG Bancorp (NYSE:OFG)

Range Financial Group LLC bought a new position in shares of OFG Bancorp (NYSE:OFG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 42,415 shares of the bank’s stock, valued at approximately $1,795,000.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the last quarter. Blue Trust Inc. boosted its holdings in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the last quarter. Quarry LP boosted its holdings in OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after purchasing an additional 996 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in OFG Bancorp by 56.7% during the third 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 during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded down $0.49 during mid-day trading on Tuesday, reaching $41.71. 414,076 shares of the company were exchanged, compared to its average volume of 286,548. The company’s 50-day simple moving average is $43.56 and its 200-day simple moving average is $42.78. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1.91 billion, a P/E ratio of 10.15 and a beta of 1.02. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. As a group, research analysts predict that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp declared that its board has approved a share repurchase program on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

Insider Transactions at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the transaction, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents 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. 3.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

OFG has been the subject of several recent research reports. Piper Sandler reduced their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company cut their price target on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday.

OFG Bancorp Company Profile

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.