OFG Bancorp (NYSE:OFG) Shares Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC increased its position in OFG Bancorp (NYSE:OFG) by 4,014.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,975 shares of the bank’s stock after acquiring an additional 1,927 shares during the period. Farther Finance Advisors LLC’s holdings in OFG Bancorp were worth $89,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OFG. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of OFG Bancorp by 35.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,505 shares of the bank’s stock valued at $1,381,000 after acquiring an additional 9,860 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of OFG Bancorp by 172.3% during the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after purchasing an additional 23,075 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of OFG Bancorp during the first quarter worth about $649,000. Texas Permanent School Fund Corp grew its holdings in shares of OFG Bancorp by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 41,191 shares of the bank’s stock worth $1,516,000 after buying an additional 540 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of OFG Bancorp by 6.1% in the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock valued at $8,927,000 after buying an additional 13,869 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OFG has been the topic of several recent analyst reports. Piper Sandler reduced their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Hovde Group raised their target price 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 upped their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd.

OFG Bancorp Stock Down 0.1 %

Shares of OFG Bancorp stock opened at $44.90 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 1-year low of $30.90 and a 1-year high of $47.57. The business has a 50-day moving average of $42.89 and a 200-day moving average of $40.89. The company has a market capitalization of $2.09 billion, a PE ratio of 10.92 and a beta of 1.00.

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

OFG Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

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.