Renaissance Technologies LLC Increases Stock Position in OFG Bancorp (NYSE:OFG)

Renaissance Technologies LLC lifted its holdings in shares of OFG Bancorp (NYSE:OFG) by 293.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 63,700 shares of the bank’s stock after purchasing an additional 47,500 shares during the period. Renaissance Technologies LLC’s holdings in OFG Bancorp were worth $2,386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of OFG. TD Asset Management Inc grew its holdings in OFG Bancorp by 1.9% during the fourth quarter. TD Asset Management Inc now owns 55,000 shares of the bank’s stock worth $2,061,000 after acquiring an additional 1,000 shares during the period. Rafferty Asset Management LLC boosted its position in shares of OFG Bancorp by 44.0% during the 4th quarter. Rafferty Asset Management LLC now owns 43,357 shares of the bank’s stock worth $1,625,000 after purchasing an additional 13,244 shares in the last quarter. First Trust Advisors LP grew its stake in shares of OFG Bancorp by 15.4% during the 4th quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after purchasing an additional 100,661 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after purchasing an additional 225,666 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of OFG Bancorp by 3.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock valued at $11,358,000 after purchasing an additional 10,186 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the sale, the director now owns 70,919 shares in the company, valued at $3,243,125.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Piper Sandler assumed coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 target price on the stock. Wells Fargo & Company upped 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 raised their target price 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.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $42.72 on Wednesday. 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 business’s fifty day moving average price is $43.96 and its two-hundred day moving average price is $39.50. The stock has a market cap of $2.01 billion, a PE ratio of 10.93 and a beta of 0.99. OFG Bancorp has a one year low of $28.32 and a one year high of $47.57.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating 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 quarter last year, the company earned $0.93 earnings per share. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts forecast that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.34%. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

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.