August 26, 2023
Barrow Hanley Mewhinney & Strauss LLC Increases Holdings in OFG Bancorp
Barrow Hanley Mewhinney & Strauss LLC, a well-established investment firm, has announced an increase in its holdings in OFG Bancorp (NYSE:OFG) during the first quarter. According to the company’s most recent disclosure with the Securities & Exchange Commission, Barrow Hanley Mewhinney & Strauss LLC now owns 2,310,601 shares of OFG Bancorp’s stock, representing a 2.1% increase from before. They acquired an additional 47,450 shares during this period. At the end of the reporting period in question, it was estimated that these holdings were worth around $57,626,000.
These figures demonstrate Barrow Hanley Mewhinney & Strauss LLC’s continued confidence in OFG Bancorp as an investment opportunity. With an increased stake in the company, they have reinforced their belief in its potential for growth and stability within the financial sector.
OFG Bancorp has reported impressive financial results for the most recent quarter ending on July 20th. The bank recorded earnings per share (EPS) of $0.93 for this period. This figure surpassed analysts’ consensus estimates by $0.09 per share and highlighted the bank’s ability to outperform market expectations.
Furthermore, OFG Bancorp exhibited a return on equity of 16.92%, indicating its efficiency in generating profits from shareholders’ investments. Additionally, the bank achieved a robust net margin of 25.19%, further solidifying its position within the industry.
The bank also reported quarterly revenue of $170.50 million compared to a consensus estimate of $163.50 million across various equities research analysts within the financial realm.
With these positive financial indicators and anticipated EPS of approximately 3.74 for this year as forecasted by equities research analysts, OFG Bancorp continues to attract interest from both investors and industry experts alike.
It is worth noting that Barrow Hanley Mewhinney & Strauss LLC’s increased investment in OFG Bancorp further affirms the attractiveness of this financial institution for high-profile firms. This increased vote of confidence demonstrates the potential for future success and growth within the bank’s operations.
As we approach the end of 2023, the financial industry will keep a keen eye on OFG Bancorp and its ability to sustain its positive trends in profitability and market performance. Investors will be eager to see how these factors impact their portfolios amidst an ever-evolving global market landscape.
Disclaimer: The information provided in this article is based on publicly available sources and does not constitute financial or investment advice.
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Institutional Investors Increase Stakes in OFG Bancorp as Analysts Weigh In
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”OFG” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]As of August 26, 2023, a number of hedge funds have made changes to their positions in OFG Bancorp (OFG). JPMorgan Chase & Co. has slightly increased its stake in the bank’s shares by 0.5% during the first quarter. With an additional acquisition of 2,368 shares, JPMorgan Chase now owns a total of 498,246 shares of OFG Bancorp’s stock, valued at $13,272,000.
Citigroup Inc. also boosted its stake in OFG Bancorp by 13.6% during the same period. The firm now owns 44,861 shares of the bank’s stock worth $1,195,000 after acquiring an additional 5,356 shares.
Natixis Advisors L.P. increased its stake in OFG Bancorp by 1.7% during the first quarter as well. They now own 27,562 shares of the bank’s stock worth $734,000 after acquiring an additional 465 shares.
MetLife Investment Management LLC significantly raised its stake in OFG Bancorp by 56.6% during the first quarter through the acquisition of an additional 10,126 shares. Their ownership now amounts to 28,010 shares valued at $746,000.
Furthermore, Commonwealth of Pennsylvania Public School Empls Retrmt SYS also experienced a boost in their stake in OFG Bancorp by 13.6%. Following the acquisition of an additional 5,117 shares during the first quarter, they now own a total of 42,791 shares worth $1,140,000.
Collectively, institutional investors hold about92.68%of OFG Bancorp’s stock.
In terms of equity analysis and opinions provided to investors regarding OFG Bancorp’s performance and potential value propositions for shareholders recently received attention from several equities analysts.
StockNews.com initiated coverage on OFG Bancorp on August 17th, 2023, by providing a “hold” rating for the company.
Additionally, Wells Fargo & Company also shared their analysis and recommendations on OFG Bancorp and gave it an “overweight” rating. Wells Fargo increased their price target from $32.00 to $37.00 in a research note released to investors on July 21st, 2023.
In recent news related to OFG Bancorp, Director Jorge Colon sold 3,277 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.32 each, resulting in a total transaction value of $109,189.64. As a result of this transaction, Director Jorge Colon now holds direct ownership of 100,000 shares valued at $3,332,000.
Moreover, CEO Jose Rafael Fernandez sold 25,000 shares of OFG Bancorp stock earlier this month on August 4th at an average price of $33.41 per share. The total value of this transaction amounted to $835,250. Following the sale completion, the chief executive officer now owns a total of 383,388 shares valued at $12,808,993.08.
It should be noted that insiders have collectively sold a total of 122,517 shares of OFG Bancorp’s stock over the last ninety days with a combined value worth $3,967215 leading up to August23rd.Therefore company insiders currently own approximately3.11%of OFG Bancorp’s outstanding shares.
As for its current market performance and trading trends,OFG Bancorp’s stock traded down$0.35during midday trading session on Friday,reachinga priceof around$30.02per share.LastFriday around19Kshares were traded which is significantlylower than itsaveragevolumeof 258,599 shares. The stock’sfifty day moving average is $29.85 and its 200-day moving average is $27.48.OFG Bancorphas exhibited a 52-week low of$22.34and a 52-week high of$34.30.The company currently has a market capitalization of about $1.41 billion,aP/E ratioof8.21,and abetaof1.05.The quick ratio and thecurrent ratiostand at0.91each,indicatingthe liquidity condition of the bank.Meanwhile,the debt-to-equity ratiofor OFG Bancorp is0.21.
In conclusion, OFG Bancorp has recently attracted the attention of hedge funds, with key players like JPMorgan Chase & Co., Citigroup Inc., Natixis Advisors L.P., MetLife Investment Management LLC, and Commonwealth of Pennsylvania Public School Empls Retrmt SYS increasing their stakes in the company’s stock during the first quarter of this year. Analysts at StockNews.com and Wells Fargo have provided coverage on OFG Bancorp and offered their opinions on its prospects for investors’ consideration.
Additionally, significant transactions involving sales by Director Jorge Colon and CEO Jose Rafael Fernandez have occurred in recent months, which may provide
