Victory Capital Management Inc. Buys 3,596 Shares of OFG Bancorp (NYSE:OFG)

Victory Capital Management Inc. raised its stake in shares of OFG Bancorp (NYSE:OFG) by 2.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 174,203 shares of the bank’s stock after acquiring an additional 3,596 shares during the quarter. Victory Capital Management Inc. owned approximately 0.37% of OFG Bancorp worth $6,524,000 as of its most recent filing with the SEC.

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

Insider Activity at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction dated 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 in the company, valued at $3,243,125.87. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OFG. Piper Sandler initiated coverage on OFG Bancorp in a report on Monday, August 26th. They set an “overweight” rating and a $49.00 target price on the stock. Hovde Group increased their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, 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 note on Monday, July 22nd.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $43.87 on Monday. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 11.22 and a beta of 0.99. OFG Bancorp has a 12-month low of $28.18 and a 12-month 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 business’s 50-day simple moving average is $43.23 and its 200 day simple moving average is $38.83.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid 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 2.28%. 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.