OFG Bancorp (NYSE:OFG) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC lifted its stake in OFG Bancorp (NYSE:OFG) by 45.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 137,521 shares of the bank’s stock after acquiring an additional 43,006 shares during the period. AQR Capital Management LLC’s holdings in OFG Bancorp were worth $5,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OFG. Arizona State Retirement System grew its stake in OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after buying an additional 247 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of OFG Bancorp by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after acquiring an additional 300 shares during the period. SummerHaven Investment Management LLC grew its position in shares of OFG Bancorp by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after acquiring an additional 412 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of OFG Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 41,191 shares of the bank’s stock valued at $1,516,000 after acquiring an additional 540 shares during the period. Finally, XTX Topco Ltd raised its position in OFG Bancorp by 7.6% in the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after purchasing an additional 566 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Activity

In related news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the transaction, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $43.06 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $2.02 billion, a PE ratio of 11.01 and a beta of 0.98. The stock has a fifty day moving average price of $43.83 and a 200 day moving average price of $39.54. OFG Bancorp has a 1-year low of $28.32 and a 1-year high of $47.57.

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

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 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.