OFG Bancorp $OFG Stake Lessened by Swiss National Bank

Swiss National Bank cut its stake in OFG Bancorp (NYSE:OFG) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,000 shares of the bank’s stock after selling 2,800 shares during the period. Swiss National Bank owned approximately 0.20% of OFG Bancorp worth $3,562,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asset Management L.P. bought a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $172,000. Bridgefront Capital LLC bought a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $221,000. Bank of Montreal Can boosted its holdings 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 acquiring an additional 438 shares in the last quarter. Oxford Asset Management LLP bought a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $225,000. Finally, Caxton Associates LP bought a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $225,000. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Down 0.1%

Shares of NYSE:OFG opened at $42.9570 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $1.91 billion, a PE ratio of 10.13 and a beta of 0.77. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The firm has a 50 day simple moving average of $43.09 and a 200 day simple moving average of $41.28.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. The business had revenue of $182.20 million during the quarter, compared to the consensus estimate of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 EPS. As a group, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp’s dividend payout ratio is 28.30%.

Wall Street Analysts Forecast Growth

OFG has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods increased 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. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Hovde Group cut their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company increased 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. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, OFG Bancorp has an average rating of “Moderate Buy” and an average target price of $47.50.

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.