OFG Bancorp (NYSE:OFG) Stock Position Raised by Farther Finance Advisors LLC

Farther Finance Advisors LLC lifted its stake in shares of OFG Bancorp (NYSE:OFG) by 4,014.6% during the third quarter, Holdings Channel reports. The firm owned 1,975 shares of the bank’s stock after purchasing an additional 1,927 shares during the quarter. Farther Finance Advisors LLC’s holdings in OFG Bancorp were worth $89,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. American Century Companies Inc. grew its holdings in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after acquiring an additional 136,813 shares in the last quarter. Vanguard Group Inc. grew its stake in OFG Bancorp by 1.1% in the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after purchasing an additional 63,883 shares in the last quarter. Marshall Wace LLP acquired a new position in OFG Bancorp in the 2nd quarter worth about $2,112,000. X Square Capital LLC increased its position in OFG Bancorp by 46.7% in the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock worth $6,256,000 after purchasing an additional 53,190 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of OFG Bancorp by 293.2% during the 2nd quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock worth $2,386,000 after purchasing an additional 47,500 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on OFG. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Hovde Group increased their target price on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company raised their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.

OFG Bancorp Trading Down 0.1 %

Shares of OFG opened at $44.90 on Wednesday. The stock has a 50 day simple moving average of $42.89 and a 200-day simple moving average of $40.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $2.09 billion, a PE ratio of 10.92 and a beta of 1.00. OFG Bancorp has a 1 year low of $30.90 and a 1 year high of $47.57.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the previous year, the company posted $0.95 EPS. OFG Bancorp’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp declared that its board has authorized a stock buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

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.