Federated Hermes Inc. Decreases Stock Holdings in OFG Bancorp (NYSE:OFG)

Federated Hermes Inc. reduced its holdings in shares of OFG Bancorp (NYSE:OFG) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,760 shares of the bank’s stock after selling 1,609 shares during the quarter. Federated Hermes Inc. owned 0.32% of OFG Bancorp worth $5,833,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in OFG Bancorp during the 4th quarter valued at $7,289,000. Bridgeway Capital Management LLC bought a new position in shares of OFG Bancorp in the 4th quarter worth about $5,205,000. Tudor Investment Corp ET AL lifted its position in shares of OFG Bancorp by 139.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock worth $7,470,000 after buying an additional 102,680 shares during the last quarter. Voloridge Investment Management LLC lifted its position in shares of OFG Bancorp by 138.8% in the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank’s stock worth $6,336,000 after buying an additional 87,024 shares during the last quarter. Finally, Vest Financial LLC bought a new stake in OFG Bancorp in the 1st quarter valued at about $3,093,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OFG. Piper Sandler cut their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Keefe, Bruyette & Woods raised their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, July 18th. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Finally, Hovde Group lowered their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

OFG Bancorp Stock Performance

Shares of OFG opened at $41.82 on Monday. The firm’s 50 day moving average is $42.80 and its 200-day moving average is $41.33. The stock has a market capitalization of $1.88 billion, a P/E ratio of 9.86 and a beta of 0.77. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.84. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.10. The company had revenue of $182.20 million for the quarter, compared to analysts’ expectations of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS. Equities research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 28.30%.

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.