Charles Schwab Investment Management Inc. Raises Holdings in OFG Bancorp (NYSE:OFG)

Charles Schwab Investment Management Inc. increased its position in OFG Bancorp (NYSE:OFG) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,637,606 shares of the bank’s stock after acquiring an additional 1,370 shares during the quarter. Charles Schwab Investment Management Inc. owned about 3.52% of OFG Bancorp worth $73,561,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Millennium Group LLC purchased a new position in shares of OFG Bancorp in the second quarter worth about $30,000. Blue Trust Inc. grew its stake in OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after buying an additional 1,070 shares in the last quarter. CWM LLC lifted its position in shares of OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after acquiring an additional 1,112 shares in the last quarter. Quarry LP lifted its position in shares of OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after acquiring an additional 996 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares during the period. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $45.99 on Friday. The firm’s 50 day simple moving average is $43.06 and its 200 day simple moving average is $41.43. 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 has a 1-year low of $32.96 and a 1-year high of $47.66. The firm has a market capitalization of $2.11 billion, a PE ratio of 11.19 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $178.25 million. During the same quarter last year, the business posted $0.95 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

OFG Bancorp declared that its board has approved a share buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About OFG Bancorp

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.