Franklin Resources Inc. Sells 44,413 Shares of OFG Bancorp (NYSE:OFG)

by · The Markets Daily

Franklin Resources Inc. reduced its stake in OFG Bancorp (NYSE:OFG – Free Report) by 17.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 213,449 shares of the bank’s stock after selling 44,413 shares during the quarter. Franklin Resources Inc.’s holdings in OFG Bancorp were worth $9,479,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Arizona State Retirement System grew its holdings in OFG Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after buying an additional 247 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of OFG Bancorp by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after acquiring an additional 300 shares in the last quarter. XTX Topco Ltd increased its position in OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after acquiring an additional 413 shares during the period. Martingale Asset Management L P increased its position in OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock worth $3,918,000 after acquiring an additional 460 shares during the period. Finally, Rhumbline Advisers raised its stake in OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after purchasing an additional 568 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares of the company’s stock, valued at $12,883,221. This trade represents a 14.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.11% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on OFG shares. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price objective on 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 dropped their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

Read Our Latest Report on OFG

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $41.81 on Friday. The company has a 50 day moving average of $43.21 and a 200-day moving average of $42.21. The company has a market cap of $1.92 billion, a PE ratio of 10.17 and a beta of 1.02. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

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 for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business 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 earnings per share. OFG Bancorp’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign 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 paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp Profile

(Free Report)

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.

See Also

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