Vanguard Group Inc. Lowers Stock Holdings in OFG Bancorp $OFG

Vanguard Group Inc. lowered its holdings in OFG Bancorp (NYSE:OFG) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,742,413 shares of the bank’s stock after selling 48,301 shares during the period. Vanguard Group Inc. owned 12.64% of OFG Bancorp worth $229,811,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of OFG Bancorp in the fourth quarter valued at $172,000. Bridgefront Capital LLC purchased a new stake in shares of OFG Bancorp in the fourth quarter valued at $221,000. Bank of Montreal Can grew its position in shares of OFG Bancorp by 9.0% in the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank’s stock valued at $224,000 after purchasing an additional 438 shares during the period. Oxford Asset Management LLP purchased a new stake in shares of OFG Bancorp in the fourth quarter valued at $225,000. Finally, Caxton Associates LP purchased a new stake in shares of OFG Bancorp in the fourth quarter valued at $225,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OFG shares. Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. Wells Fargo & Company lifted their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Piper Sandler reduced their target price on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Finally, Hovde Group reduced their target price on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $43.00 on Tuesday. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The stock has a market capitalization of $1.91 billion, a P/E ratio of 10.14 and a beta of 0.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The business’s fifty day moving average price is $43.04 and its 200 day moving average price is $41.26.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 14.97% and a net margin of 22.06%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 earnings per share. As a group, research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp’s payout ratio is currently 28.30%.

About OFG Bancorp

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.