Paloma Partners Management Co Makes New $234,000 Investment in OFG Bancorp (NYSE:OFG)

Paloma Partners Management Co bought a new stake in OFG Bancorp (NYSE:OFG) during the 3rd quarter, HoldingsChannel reports. The fund bought 5,210 shares of the bank’s stock, valued at approximately $234,000.

A number of other large investors have also recently made changes to their positions in OFG. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of OFG Bancorp by 56.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock valued at $115,000 after buying an additional 926 shares during the period. Martingale Asset Management L P boosted its holdings in OFG Bancorp by 0.5% during the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after acquiring an additional 460 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in OFG Bancorp in the 3rd quarter valued at $984,000. Cynosure Group LLC purchased a new stake in OFG Bancorp in the third quarter worth $366,000. Finally, BNP Paribas Financial Markets increased its stake in OFG Bancorp by 109.2% in the third quarter. BNP Paribas Financial Markets now owns 35,302 shares of the bank’s stock worth $1,586,000 after purchasing an additional 18,425 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.11% of the stock is currently owned by company insiders.

OFG Bancorp Stock Down 0.4 %

Shares of OFG Bancorp stock opened at $44.80 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 10.90 and a beta of 1.02. The firm’s 50-day moving average is $43.18 and its two-hundred day moving average is $41.77. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data 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 business had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, research analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp declared that its Board of Directors has initiated 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 typically an indication that the company’s management believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

Analysts Set New Price Targets

A number of research analysts have recently commented on OFG shares. Keefe, Bruyette & Woods upped their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Piper Sandler decreased their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note 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.