OFG Bancorp $OFG Stake Raised by Vest Financial LLC

Vest Financial LLC grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 26.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,744 shares of the bank’s stock after buying an additional 20,466 shares during the period. Vest Financial LLC’s holdings in OFG Bancorp were worth $4,183,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of OFG Bancorp by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank’s stock valued at $67,561,000 after buying an additional 35,960 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank’s stock valued at $50,850,000 after buying an additional 102,755 shares during the last quarter. Nuveen LLC bought a new stake in shares of OFG Bancorp during the first quarter valued at approximately $44,749,000. Millennium Management LLC raised its holdings in shares of OFG Bancorp by 73.1% during the first quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock valued at $21,372,000 after buying an additional 225,472 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of OFG Bancorp by 10.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 491,909 shares of the bank’s stock valued at $19,686,000 after buying an additional 45,045 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Trading Up 1.9%

OFG Bancorp stock opened at $42.23 on Tuesday. The company has a 50 day moving average price of $43.58 and a 200 day moving average price of $41.90. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 9.96 and a beta of 0.80. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.10. The company had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the business posted $1.08 EPS. Research analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp’s payout ratio is presently 28.30%.

Analyst Ratings Changes

OFG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, July 18th. Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 20th. Truist Financial initiated coverage on OFG Bancorp in a report on Thursday, October 9th. They set a “buy” rating and a $50.00 target price on the stock. UBS Group set a $50.00 target price on OFG Bancorp in a report on Thursday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, OFG Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

OFG Bancorp Profile

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.