20,753 Shares in OFG Bancorp (NYSE:OFG) Bought by Acadian Asset Management LLC

Acadian Asset Management LLC bought a new stake in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 20,753 shares of the bank’s stock, valued at approximately $776,000.

Other hedge funds have also bought and sold shares of the company. New Millennium Group LLC purchased a new position in OFG Bancorp during the second quarter valued at approximately $30,000. CWM LLC raised its position in shares of OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of OFG Bancorp during the 2nd quarter valued at $90,000. EntryPoint Capital LLC purchased a new position in shares of OFG Bancorp during the 1st quarter valued at $121,000. Finally, Lazard Asset Management LLC boosted its holdings in OFG Bancorp by 206.6% in the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after buying an additional 2,804 shares during the period. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on OFG. Piper Sandler started coverage on OFG Bancorp in a research report on Monday, August 26th. They issued an “overweight” rating and a $49.00 price objective on the stock. Wells Fargo & Company boosted their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Finally, Hovde Group increased their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 22nd.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the sale, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.11% of the stock is owned by insiders.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $44.39 on Wednesday. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average is $43.37 and its 200 day moving average is $38.89. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 11.35 and a beta of 0.99.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The firm had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. During the same period in the prior year, the company earned $0.93 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. OFG Bancorp’s dividend payout ratio is presently 25.58%.

OFG Bancorp Company 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.