Intech Investment Management LLC Acquires 51,798 Shares of OFG Bancorp (NYSE:OFG)

Intech Investment Management LLC increased its holdings in shares of OFG Bancorp (NYSE:OFG) by 411.3% during the third quarter, Holdings Channel.com reports. The fund owned 64,391 shares of the bank’s stock after purchasing an additional 51,798 shares during the quarter. Intech Investment Management LLC’s holdings in OFG Bancorp were worth $2,892,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. New Millennium Group LLC bought a new position in shares of OFG Bancorp during the second quarter worth approximately $30,000. Blue Trust Inc. grew its position in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after buying an additional 1,070 shares in the last quarter. CWM LLC increased its stake in OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after acquiring an additional 1,112 shares during the period. Farther Finance Advisors LLC increased its stake in OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares during the period. Finally, Quarry LP raised its holdings in OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after acquiring an additional 996 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $45.52 on Friday. 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 company has a market cap of $2.09 billion, a PE ratio of 11.08 and a beta of 1.00. The company has a 50 day moving average of $42.95 and a 200-day moving average of $41.25. OFG Bancorp has a 1-year low of $32.96 and a 1-year high of $47.57.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share 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 earned $0.95 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities research analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp declared that its board has approved a share repurchase program on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

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.