OFG Bancorp (NYSE:OFG) Shares Bought by Arizona State Retirement System

Arizona State Retirement System lifted its stake in OFG Bancorp (NYSE:OFG) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,180 shares of the bank’s stock after purchasing an additional 247 shares during the period. Arizona State Retirement System’s holdings in OFG Bancorp were worth $494,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc raised its position 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 last quarter. Rafferty Asset Management LLC raised its position in OFG Bancorp by 44.0% during the fourth quarter. Rafferty Asset Management LLC now owns 43,357 shares of the bank’s stock worth $1,625,000 after acquiring an additional 13,244 shares during the last quarter. First Trust Advisors LP raised its position in OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after acquiring an additional 100,661 shares during the last quarter. Goldman Sachs Group Inc. raised its position in OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after acquiring an additional 225,666 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in OFG Bancorp by 3.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after acquiring an additional 10,186 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Insider Transactions at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

OFG opened at $44.28 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The company has a 50 day moving average of $43.37 and a two-hundred day moving average of $38.89. The company has a market cap of $2.08 billion, a P/E ratio of 11.32 and a beta of 0.99.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company 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 earned $0.93 earnings per share. OFG Bancorp’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts expect that OFG Bancorp will post 4.27 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given 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 2.26%. OFG Bancorp’s payout ratio is currently 25.58%.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of research reports. Hovde Group lifted 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. Piper Sandler started coverage on shares of OFG Bancorp in a report on Monday, August 26th. They set an “overweight” rating and a $49.00 price target for the company. Finally, Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd.

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.