First Trust Advisors LP Acquires 281,593 Shares of OFG Bancorp $OFG

First Trust Advisors LP grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 13.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,321,924 shares of the bank’s stock after acquiring an additional 281,593 shares during the period. First Trust Advisors LP owned 5.49% of OFG Bancorp worth $93,945,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Summit Global Investments increased its holdings in shares of OFG Bancorp by 32.5% in the first quarter. Summit Global Investments now owns 29,441 shares of the bank’s stock worth $1,191,000 after buying an additional 7,226 shares during the period. Dimensional Fund Advisors LP lifted its stake in OFG Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after purchasing an additional 27,774 shares in the last quarter. Arcus Capital Partners LLC purchased a new stake in shares of OFG Bancorp during the 1st quarter valued at about $206,000. Allspring Global Investments Holdings LLC boosted its position in OFG Bancorp by 11.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,842 shares of the bank’s stock valued at $762,000 after buying an additional 1,943 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of OFG Bancorp by 22.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,969 shares of the bank’s stock valued at $282,000 after buying an additional 1,287 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

OFG has been the subject of several recent research reports. Zacks Research cut OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating for the company. Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.00.

OFG Bancorp Price Performance

NYSE:OFG opened at $52.27 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $47.96 and a 200 day simple moving average of $43.85. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $53.20. The stock has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. During the same quarter in the previous year, the firm earned $1.15 earnings per share. On average, research analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.93%.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high?net?worth individuals and institutional clients.