Janney Montgomery Scott LLC Invests $759,000 in OFG Bancorp (NYSE:OFG)

Janney Montgomery Scott LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG) in the 3rd quarter, Holdings Channel reports. The fund acquired 16,902 shares of the bank’s stock, valued at approximately $759,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. New Millennium Group LLC purchased a new stake in OFG Bancorp in the second quarter worth approximately $30,000. Blue Trust Inc. boosted its stake in OFG Bancorp by 2,377.8% in 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 boosted its stake in OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after buying an additional 1,112 shares in the last quarter. Quarry LP boosted its stake in OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after buying an additional 996 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after buying an additional 1,927 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $43.77 on Monday. 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 cap of $2.01 billion, a PE ratio of 10.65 and a beta of 1.00. The business has a 50 day moving average of $42.88 and a 200 day moving average of $41.05. OFG Bancorp has a 52 week low of $32.96 and a 52 week high of $47.57.

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

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 dividend on an annualized basis and a yield of 2.28%. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

OFG Bancorp declared that its board has initiated a share repurchase program on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OFG. Wells Fargo & Company boosted their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Hovde Group boosted their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler lowered their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

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.