Principal Financial Group Inc. Has $11.10 Million Stock Position in OFG Bancorp $OFG

Principal Financial Group Inc. lifted its stake in OFG Bancorp (NYSE:OFG) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 274,211 shares of the bank’s stock after purchasing an additional 14,281 shares during the period. Principal Financial Group Inc. owned 0.65% of OFG Bancorp worth $11,095,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Hsbc Holdings PLC bought a new stake in OFG Bancorp in the first quarter valued at about $489,000. Range Financial Group LLC boosted its holdings in OFG Bancorp by 1.2% during the first quarter. Range Financial Group LLC now owns 50,935 shares of the bank’s stock worth $2,061,000 after buying an additional 584 shares during the last quarter. Unison Advisors LLC boosted its holdings in OFG Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after buying an additional 221 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of OFG Bancorp by 15.1% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 99,904 shares of the bank’s stock worth $4,042,000 after buying an additional 13,105 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of OFG Bancorp during the 1st quarter worth about $1,223,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OFG. Benchmark assumed coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating on the stock. Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a report on Wednesday. Truist Financial increased their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, 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 business has a 50 day simple moving average of $47.96 and a 200 day simple moving average of $43.85. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $53.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 10.29 and a beta of 0.70.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s payout ratio is currently 27.56%.

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.