OFG Bancorp (NYSE:OFG) Shares Acquired by Algert Global LLC

Algert Global LLC raised its stake in shares of OFG Bancorp (NYSE:OFG) by 3.2% in the third quarter, Holdings Channel.com reports. The fund owned 166,804 shares of the bank’s stock after purchasing an additional 5,120 shares during the period. Algert Global LLC’s holdings in OFG Bancorp were worth $7,493,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of 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. American Century Companies Inc. grew its holdings in shares of OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of OFG Bancorp by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock valued at $19,157,000 after purchasing an additional 2,757 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of OFG Bancorp by 4.5% in the second quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank’s stock valued at $10,093,000 after purchasing an additional 11,603 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of OFG Bancorp by 2.1% in the second quarter. Victory Capital Management Inc. now owns 174,203 shares of the bank’s stock valued at $6,524,000 after purchasing an additional 3,596 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Stock Up 2.5 %

Shares of OFG Bancorp stock opened at $45.52 on Friday. OFG Bancorp has a 52-week low of $32.96 and a 52-week high of $47.57. The company has a 50 day moving average of $42.95 and a 200 day moving average of $41.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $2.09 billion, a P/E ratio of 11.08 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. During the same quarter in the prior year, the firm earned $0.95 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. As a group, research analysts forecast that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

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

OFG Bancorp announced that its Board of Directors has authorized a stock repurchase program on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

About OFG Bancorp

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.