Principal Financial Group Inc. Has $11.10 Million Position in OFG Bancorp $OFG

Principal Financial Group Inc. increased its position in shares of OFG Bancorp (NYSE:OFG) by 5.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 274,211 shares of the bank’s stock after buying an additional 14,281 shares during the quarter. Principal Financial Group Inc.’s holdings in OFG Bancorp were worth $11,095,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. First Trust Advisors LP lifted its stake in OFG Bancorp by 8.8% in the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock valued at $83,613,000 after acquiring an additional 164,818 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of OFG Bancorp in the fourth quarter valued at approximately $4,224,000. Squarepoint Ops LLC lifted its position in shares of OFG Bancorp by 990.9% in the fourth quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock worth $4,170,000 after purchasing an additional 92,419 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of OFG Bancorp by 518.1% in the second quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock worth $4,683,000 after purchasing an additional 91,723 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Price Performance

NYSE:OFG opened at $52.27 on Friday. The stock has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $53.20. The firm has a fifty day simple moving average of $47.96 and a 200 day simple moving average of $43.85. 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 posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.32 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the prior year, the firm posted $1.15 earnings per share. On average, research analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

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 issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is presently 27.56%.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Truist Financial raised their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $54.00.

OFG Bancorp Company Profile

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.