Los Angeles Capital Management LLC Raises Stock Holdings in OFG Bancorp (NYSE:OFG)

Los Angeles Capital Management LLC raised its stake in shares of OFG Bancorp (NYSE:OFG) by 26.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 19,931 shares of the bank’s stock after acquiring an additional 4,124 shares during the period. Los Angeles Capital Management LLC’s holdings in OFG Bancorp were worth $895,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. New Millennium Group LLC bought a new position in OFG Bancorp during the second quarter valued at approximately $30,000. Blue Trust Inc. lifted its holdings in shares of OFG Bancorp by 2,377.8% during 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 during the period. CWM LLC boosted its stake in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after buying an additional 1,112 shares during the last quarter. Quarry LP grew its holdings in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after acquiring an additional 996 shares during the period. Finally, Farther Finance Advisors LLC grew 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. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Hovde Group increased their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

OFG Bancorp Stock Down 0.7 %

OFG stock opened at $43.78 on Friday. The business’s 50-day moving average price is $42.88 and its 200-day moving average price is $40.99. The stock has a market cap of $2.01 billion, a P/E ratio of 10.65 and a beta of 1.00. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a twelve month low of $32.96 and a twelve month high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 EPS. On average, equities research analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.28%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

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

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.