Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in OFG Bancorp (NYSE:OFG)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in OFG Bancorp (NYSE:OFG) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 21,900 shares of the bank’s stock, valued at approximately $984,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raffles Associates LP grew its stake in OFG Bancorp by 9.3% in the second quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock valued at $5,283,000 after purchasing an additional 12,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of OFG Bancorp by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after buying an additional 30,814 shares in the last quarter. Foundry Partners LLC acquired a new position in OFG Bancorp during the third quarter worth $6,038,000. Janney Montgomery Scott LLC acquired a new stake in OFG Bancorp in the third quarter valued at $759,000. Finally, Algert Global LLC grew its position in shares of OFG Bancorp by 14.0% in the 2nd quarter. Algert Global LLC now owns 161,684 shares of the bank’s stock valued at $6,055,000 after acquiring an additional 19,838 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their target price on shares of 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 Stock Up 0.2 %

OFG stock opened at $45.51 on Tuesday. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The business’s 50 day simple moving average is $43.09 and its 200 day simple moving average is $41.56. 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 firm has a market capitalization of $2.09 billion, a PE ratio of 11.07 and a beta of 1.00.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.20%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

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

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.