OFG Bancorp (NYSE:OFG) Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its position in OFG Bancorp (NYSE:OFG) by 3.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 26,571 shares of the bank’s stock after selling 1,025 shares during the quarter. State of Alaska Department of Revenue’s holdings in OFG Bancorp were worth $1,193,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. New Millennium Group LLC purchased a new position in OFG Bancorp during the 2nd quarter worth approximately $30,000. Blue Trust Inc. grew its holdings in shares of OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after buying an additional 1,070 shares in the last quarter. CWM LLC raised its position in OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after buying an additional 1,112 shares during the period. Quarry LP lifted its stake in OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after acquiring an additional 996 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in OFG Bancorp in the 2nd quarter worth about $90,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Up 1.3 %

OFG opened at $40.81 on Monday. The company has a market capitalization of $1.90 billion, a PE ratio of 9.93 and a beta of 1.00. The business has a 50-day moving average of $43.13 and a 200-day moving average of $40.44. OFG Bancorp has a fifty-two week low of $30.50 and a fifty-two week high of $47.57. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

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

OFG Bancorp Announces Dividend

The firm also recently announced 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. This represents a $1.00 annualized dividend and a yield of 2.45%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp announced that its board has initiated a stock repurchase program on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Piper Sandler dropped their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. 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 report on Monday, July 22nd. Finally, Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.

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.