Texas Permanent School Fund Corp Has $1.79 Million Stock Position in OFG Bancorp (NYSE:OFG)

Texas Permanent School Fund Corp lifted its stake in OFG Bancorp (NYSE:OFG) by 16.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 47,820 shares of the bank’s stock after acquiring an additional 6,629 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.10% of OFG Bancorp worth $1,791,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OFG. New Millennium Group LLC acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $30,000. CWM LLC increased its position in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after acquiring an additional 1,112 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $90,000. EntryPoint Capital LLC acquired a new stake in shares of OFG Bancorp in the first quarter valued at about $121,000. Finally, Lazard Asset Management LLC increased its position in shares of OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after acquiring an additional 2,804 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $44.61 on Thursday. The business’s 50 day moving average price is $43.51 and its two-hundred day moving average price is $38.94. The company has a market cap of $2.08 billion, a PE ratio of 11.41 and a beta of 0.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. OFG Bancorp has a twelve month low of $28.18 and a twelve month high of $47.57.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $179.40 million for the quarter, compared to the consensus estimate of $176.09 million. During the same quarter in the prior year, the business earned $0.93 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts predict that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Monday, September 30th. OFG Bancorp’s payout ratio is 25.58%.

Analyst Ratings Changes

A number of analysts recently issued reports on OFG shares. Piper Sandler initiated coverage on OFG Bancorp in a research report on Monday, August 26th. They issued an “overweight” rating and a $49.00 target price on the stock. Hovde Group boosted their price target on 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 target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd.

Insider Activity

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is owned by company insiders.

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.