Los Angeles Capital Management LLC Grows Position in OFG Bancorp $OFG

Los Angeles Capital Management LLC increased its stake in shares of OFG Bancorp (NYSE:OFG) by 7.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,677 shares of the bank’s stock after buying an additional 1,476 shares during the period. Los Angeles Capital Management LLC’s holdings in OFG Bancorp were worth $885,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in OFG. Fox Run Management L.L.C. bought a new stake in shares of OFG Bancorp in the second quarter valued at approximately $582,000. Bank of New York Mellon Corp raised its position in shares of OFG Bancorp by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 431,037 shares of the bank’s stock worth $18,448,000 after buying an additional 4,645 shares in the last quarter. Burney Co. bought a new stake in OFG Bancorp during the second quarter valued at $10,236,000. Smith Shellnut Wilson LLC ADV purchased a new position in OFG Bancorp during the second quarter worth about $209,000. Finally, Versor Investments LP bought a new position in OFG Bancorp in the 2nd quarter worth about $1,122,000. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $40.67 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.85. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a fifty day moving average of $42.06 and a 200-day moving average of $42.48. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 9.24 and a beta of 0.84.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting analysts’ consensus estimates of $1.16. The company had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 EPS. Equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s payout ratio is 27.27%.

Insider Activity

In other OFG Bancorp news, Director Jorge Colon sold 25,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares of the company’s stock, valued at $1,125,131.55. The trade was a 47.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. The trade was a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 55,000 shares of company stock valued at $2,247,747 over the last 90 days. 3.11% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on OFG shares. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Wednesday, October 8th. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Zacks Research raised shares of OFG Bancorp to a “hold” rating in a report on Friday, October 10th. Wells Fargo & Company dropped their price objective on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Finally, Truist Financial lowered their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.17.

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.