NorthCrest Asset Manangement LLC Trims Holdings in OFG Bancorp $OFG

NorthCrest Asset Manangement LLC decreased its stake in shares of OFG Bancorp (NYSE:OFG) by 36.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 19,361 shares of the bank’s stock after selling 11,100 shares during the period. NorthCrest Asset Manangement LLC’s holdings in OFG Bancorp were worth $871,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in OFG Bancorp by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank’s stock worth $67,561,000 after purchasing an additional 35,960 shares during the period. American Century Companies Inc. boosted its stake in OFG Bancorp by 8.8% in the 1st quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank’s stock worth $50,850,000 after purchasing an additional 102,755 shares during the period. Nuveen LLC bought a new position in OFG Bancorp in the 1st quarter worth about $44,749,000. Millennium Management LLC boosted its stake in OFG Bancorp by 73.1% in the 1st quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock worth $21,372,000 after purchasing an additional 225,472 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its stake in OFG Bancorp by 10.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 491,909 shares of the bank’s stock worth $19,686,000 after purchasing an additional 45,045 shares during the period. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

NYSE:OFG opened at $44.27 on Friday. The business’s 50-day moving average price is $43.72 and its two-hundred day moving average price is $41.57. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The stock has a market cap of $1.97 billion, a P/E ratio of 10.44 and a beta of 0.81. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. The firm had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 EPS. As a group, equities analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. OFG Bancorp’s dividend payout ratio is 28.30%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Wells Fargo & Company raised their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and an average price target of $47.50.

OFG Bancorp Company 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.