New York State Teachers Retirement System Reduces Position in OFG Bancorp (NYSE:OFG)

New York State Teachers Retirement System trimmed its stake in OFG Bancorp (NYSE:OFG) by 2.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 25,255 shares of the bank’s stock after selling 759 shares during the period. New York State Teachers Retirement System’s holdings in OFG Bancorp were worth $1,134,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of OFG. American Century Companies Inc. grew its holdings in OFG Bancorp by 16.5% during 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 during the period. Vanguard Group Inc. grew its stake in shares of OFG Bancorp by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after acquiring an additional 63,883 shares during the period. Marshall Wace LLP bought a new position in shares of OFG Bancorp during the 2nd quarter valued at approximately $2,112,000. X Square Capital LLC increased its holdings 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 acquiring an additional 53,190 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in 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 acquiring an additional 47,500 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on OFG shares. Hovde Group upped their price target 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. Piper Sandler dropped their target price 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. Finally, Wells Fargo & Company raised their price target 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 Up 0.8 %

Shares of OFG opened at $44.36 on Friday. The firm has a market cap of $2.07 billion, a P/E ratio of 10.79 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 1 year low of $30.53 and a 1 year high of $47.57. The company has a 50 day simple moving average of $42.92 and a two-hundred day simple moving average of $40.74.

OFG Bancorp (NYSE:OFG) last posted 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). The company had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 earnings per share. On average, equities analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.25%. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

OFG Bancorp declared that its Board of Directors has approved a share repurchase plan on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication 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.