Intech Investment Management LLC Purchases Shares of 12,593 OFG Bancorp (NYSE:OFG)

Intech Investment Management LLC bought a new stake in OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,593 shares of the bank’s stock, valued at approximately $472,000.

Other institutional investors have also added to or reduced their stakes in the company. Capstone Investment Advisors LLC bought a new stake in shares of OFG Bancorp during the first quarter valued at approximately $844,000. Janney Montgomery Scott LLC bought a new stake in OFG Bancorp during the 1st quarter valued at $649,000. BNP Paribas Financial Markets increased its stake in OFG Bancorp by 172.3% during the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock valued at $1,342,000 after purchasing an additional 23,075 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in OFG Bancorp by 6.1% during the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock worth $8,927,000 after buying an additional 13,869 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

OFG Bancorp Trading Up 0.9 %

NYSE:OFG opened at $44.41 on Friday. OFG Bancorp has a 52 week low of $28.32 and a 52 week high of $47.57. The firm has a 50-day moving average price of $44.04 and a two-hundred day moving average price of $39.27. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 11.36 and a beta of 0.99.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The business had revenue of $179.40 million for the quarter, compared to analyst estimates of $176.09 million. During the same period last year, the company posted $0.93 earnings per share. OFG Bancorp’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts expect that OFG Bancorp will post 4.27 earnings per share 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.25%. OFG Bancorp’s payout ratio is currently 25.58%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction dated 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 accessible through this hyperlink. 3.11% of the stock is owned by company insiders.

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.