Franklin Resources Inc. reduced its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 17.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 213,449 shares of the bank's stock after selling 44,413 shares during the period. Franklin Resources Inc. owned approximately 0.47% of OFG Bancorp worth $9,479,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the stock. American Century Companies Inc. increased its position in shares of OFG Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank's stock worth $36,212,000 after acquiring an additional 136,813 shares in the last quarter. Foundry Partners LLC acquired a new position in OFG Bancorp in the 3rd quarter worth $6,038,000. Marshall Wace LLP bought a new position in OFG Bancorp during the 2nd quarter worth about $2,112,000. X Square Capital LLC raised its stake in shares of OFG Bancorp by 46.7% in the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank's stock valued at $6,256,000 after purchasing an additional 53,190 shares during the period. Finally, Intech Investment Management LLC lifted 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 in the last quarter. Institutional investors own 92.73% of the company's stock.
In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 284,775 shares of the company's stock, valued at $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.11% of the company's stock.
A number of research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on OFG Bancorp from $48.00 to $49.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th.
Read Our Latest Report on OFG Bancorp
OFG opened at $41.81 on Friday. The business's 50-day simple moving average is $43.21 and its 200 day simple moving average is $42.21. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $1.92 billion, a PE ratio of 10.17 and a beta of 1.02.
OFG Bancorp (NYSE:OFG - Get Free Report) last announced 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). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the prior year, the company earned $0.95 EPS. The company's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, sell-side analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.
OFG Bancorp announced that its board has authorized a share repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.
The company also recently declared 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. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is currently 24.33%.
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.
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