First Trust Advisors LP Raises Stock Holdings in OFG Bancorp $OFG

First Trust Advisors LP lifted its holdings in OFG Bancorp (NYSE:OFG) by 13.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,321,924 shares of the bank’s stock after purchasing an additional 281,593 shares during the period. First Trust Advisors LP owned about 0.05% of OFG Bancorp worth $93,945,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. Tudor Investment Corp ET AL boosted its holdings in OFG Bancorp by 23.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock valued at $7,867,000 after acquiring an additional 34,653 shares during the period. Intech Investment Management LLC lifted its holdings in OFG Bancorp by 109.0% in the fourth quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock valued at $6,067,000 after acquiring an additional 77,223 shares during the period. Vest Financial LLC raised its position in OFG Bancorp by 16.5% during the fourth quarter. Vest Financial LLC now owns 141,076 shares of the bank’s stock worth $5,781,000 after acquiring an additional 20,020 shares during the last quarter. CenterBook Partners LP increased its stake in shares of OFG Bancorp by 83.2% during the 4th quarter. CenterBook Partners LP now owns 111,190 shares of the bank’s stock valued at $4,557,000 after acquiring an additional 50,508 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in OFG Bancorp during the first quarter valued at approximately $777,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OFG shares. Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Piper Sandler set a $56.00 price target on OFG Bancorp in a report on Wednesday. Finally, Benchmark began coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $54.00.

OFG Bancorp Trading Down 0.3%

NYSE OFG opened at $52.27 on Friday. The business’s 50-day moving average price is $47.96 and its two-hundred day moving average price is $43.85. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $53.20. The firm has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period in the prior year, the business posted $1.15 earnings per share. On average, analysts expect that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp’s dividend payout ratio is presently 28.93%.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.