Hsbc Holdings PLC Purchases 92,974 Shares of OFG Bancorp (NYSE:OFG)

Posted by Defense World Staff on Feb 26th, 2023

Hsbc Holdings PLC increased its position in OFG Bancorp (NYSE:OFG – Get Rating) by 89.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 197,142 shares of the bank’s stock after purchasing an additional 92,974 shares during the quarter. Hsbc Holdings PLC owned approximately 0.41% of OFG Bancorp worth $4,990,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OFG. JPMorgan Chase & Co. increased its stake in shares of OFG Bancorp by 0.5% in the first quarter. JPMorgan Chase & Co. now owns 498,246 shares of the bank’s stock valued at $13,272,000 after buying an additional 2,368 shares in the last quarter. Citigroup Inc. boosted its holdings in OFG Bancorp by 13.6% during the first quarter. Citigroup Inc. now owns 44,861 shares of the bank’s stock worth $1,195,000 after buying an additional 5,356 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in OFG Bancorp by 1.7% during the first quarter. Natixis Advisors L.P. now owns 27,562 shares of the bank’s stock worth $734,000 after buying an additional 465 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of OFG Bancorp by 56.6% during the 1st quarter. MetLife Investment Management LLC now owns 28,010 shares of the bank’s stock valued at $746,000 after purchasing an additional 10,126 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of OFG Bancorp by 13.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,791 shares of the bank’s stock valued at $1,140,000 after purchasing an additional 5,117 shares in the last quarter. 91.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 25th.

Insider Activity

In other OFG Bancorp news, Director Edwin Perez sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $28.50, for a total value of $142,500.00. Following the transaction, the director now owns 55,000 shares in the company, valued at $1,567,500. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Jose Rafael Fernandez sold 6,749 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $29.65, for a total transaction of $200,107.85. Following the completion of the sale, the chief executive officer now directly owns 38,403 shares of the company’s stock, valued at $1,138,648.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edwin Perez sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $28.50, for a total value of $142,500.00. Following the completion of the sale, the director now directly owns 55,000 shares of the company’s stock, valued at $1,567,500. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,000 shares of company stock valued at $1,011,715. Company insiders own 2.66% of the company’s stock.

OFG Bancorp Stock Performance

NYSE:OFG opened at $29.86 on Friday. The stock has a fifty day moving average price of $28.20 and a 200-day moving average price of $27.75. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 8.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.83 and a current ratio of 0.88. OFG Bancorp has a fifty-two week low of $24.39 and a fifty-two week high of $30.10.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 31st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Thursday, March 30th. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.20. OFG Bancorp’s dividend payout ratio is presently 23.26%.

OFG Bancorp Company Profile

(Get Rating)

OFG Bancorp is a holding company, which engages in the provision of banking and financial services. It operates through the following segments: Banking, Wealth Management, and Treasury. The Banking segment includes its branches and traditional banking products such as deposits and commercial, consumer, and mortgage loans.