EMC Capital Management Grows Position in OFG Bancorp (NYSE:OFG)

EMC Capital Management lifted its holdings in OFG Bancorp (NYSE:OFG) by 92.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,214 shares of the bank’s stock after buying an additional 8,766 shares during the period. OFG Bancorp makes up 0.4% of EMC Capital Management’s holdings, making the stock its 15th biggest position. EMC Capital Management’s holdings in OFG Bancorp were worth $771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Foundry Partners LLC acquired a new stake in OFG Bancorp in the 3rd quarter valued at about $6,038,000. Marshall Wace LLP acquired a new stake in shares of OFG Bancorp in the second quarter valued at approximately $2,112,000. Intech Investment Management LLC increased its holdings in shares of OFG Bancorp by 411.3% in the third quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock valued at $2,892,000 after purchasing an additional 51,798 shares during the last quarter. Renaissance Technologies LLC lifted its position in OFG Bancorp by 293.2% during the second quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock worth $2,386,000 after buying an additional 47,500 shares in the last quarter. Finally, Barclays PLC boosted its stake in OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after buying an additional 43,738 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $43.77 on Thursday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 10.48 and a beta of 1.02. The stock’s 50-day moving average is $43.54 and its two-hundred day moving average is $43.39. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter last year, the business earned $0.98 EPS. Analysts forecast that OFG Bancorp will post 4.07 EPS for the current fiscal year.

OFG Bancorp announced that its board has approved a share repurchase program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire 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 shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.30 dividend. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. OFG Bancorp’s dividend payout ratio (DPR) is 23.70%.

Insider Activity

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value 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 approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OFG. Wells Fargo & Company raised their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd.

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.