Renaissance Technologies LLC Boosts Stock Holdings in OFG Bancorp (NYSE:OFG)

Renaissance Technologies LLC lifted its stake in OFG Bancorp (NYSE:OFG) by 293.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,700 shares of the bank’s stock after purchasing an additional 47,500 shares during the period. Renaissance Technologies LLC owned about 0.14% of OFG Bancorp worth $2,386,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. TD Asset Management Inc raised its position in OFG Bancorp by 1.9% in the 4th quarter. TD Asset Management Inc now owns 55,000 shares of the bank’s stock valued at $2,061,000 after purchasing an additional 1,000 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in OFG Bancorp by 44.0% in the fourth quarter. Rafferty Asset Management LLC now owns 43,357 shares of the bank’s stock valued at $1,625,000 after acquiring an additional 13,244 shares in the last quarter. First Trust Advisors LP lifted its stake in OFG Bancorp by 15.4% in the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after acquiring an additional 100,661 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after acquiring an additional 225,666 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in OFG Bancorp by 3.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after acquiring an additional 10,186 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OFG shares. Piper Sandler initiated coverage on shares of OFG Bancorp in a report on Monday, August 26th. They issued an “overweight” rating and a $49.00 price objective on the stock. Hovde Group lifted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company increased their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.

Insider Transactions at OFG Bancorp

In related news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the sale, the director now owns 70,919 shares in the company, valued at approximately $3,243,125.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.11% of the company’s stock.

OFG Bancorp Trading Down 4.9 %

NYSE OFG opened at $42.72 on Wednesday. The firm’s fifty day moving average price is $43.96 and its 200 day moving average price is $39.50. OFG Bancorp has a 12 month low of $28.32 and a 12 month high of $47.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 10.93 and a beta of 0.99.

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

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s dividend payout ratio is currently 25.58%.

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.