OFG Bancorp $OFG Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 5.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,707 shares of the bank’s stock after buying an additional 1,275 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of OFG Bancorp worth $1,142,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in OFG Bancorp by 42.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank’s stock worth $909,000 after acquiring an additional 6,814 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in OFG Bancorp by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank’s stock worth $1,505,000 after purchasing an additional 3,702 shares in the last quarter. Hsbc Holdings PLC increased its holdings in OFG Bancorp by 76.3% in the first quarter. Hsbc Holdings PLC now owns 27,083 shares of the bank’s stock valued at $1,083,000 after buying an additional 11,725 shares during the last quarter. Principal Financial Group Inc. increased its holdings in OFG Bancorp by 3.2% in the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank’s stock valued at $10,398,000 after buying an additional 8,050 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in OFG Bancorp during the first quarter valued at approximately $1,240,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on OFG. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, July 18th. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Saturday, September 27th. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 20th. Finally, Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

OFG Bancorp Stock Up 0.5%

OFG Bancorp stock opened at $42.71 on Monday. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 10.07 and a beta of 0.80. The company’s 50-day moving average price is $43.62 and its two-hundred day moving average price is $41.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34.

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

OFG Bancorp Announces Dividend

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

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.