Vestcor Inc Invests $107,000 in OFG Bancorp (NYSE:OFG)

Vestcor Inc bought a new position in shares of OFG Bancorp (NYSE:OFG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,529 shares of the bank’s stock, valued at approximately $107,000.

Other hedge funds also recently modified their holdings of the company. State Street Corp raised its stake in OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in OFG Bancorp by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock worth $69,922,000 after purchasing an additional 14,618 shares in the last quarter. Geode Capital Management LLC raised its stake in OFG Bancorp by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after purchasing an additional 4,398 shares in the last quarter. Wellington Management Group LLP raised its stake in OFG Bancorp by 2.6% in the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after purchasing an additional 19,599 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in OFG Bancorp by 2.6% in the 4th quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank’s stock worth $10,655,000 after purchasing an additional 6,392 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on OFG shares. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd.

OFG Bancorp Price Performance

OFG stock opened at $40.62 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The firm has a market cap of $1.84 billion, a P/E ratio of 9.63 and a beta of 0.96. The company’s 50-day moving average price is $42.19 and its two-hundred day moving average price is $42.94.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period last year, the company posted $0.98 EPS. On average, analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.30 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Monday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.44%.

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.