Massachusetts Financial Services Co. MA Has $1.29 Million Stock Holdings in OFG Bancorp (NYSE:OFG)

Massachusetts Financial Services Co. MA increased its stake in shares of OFG Bancorp (NYSE:OFG) by 3.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,540 shares of the bank’s stock after purchasing an additional 1,159 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.07% of OFG Bancorp worth $1,294,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of OFG. Goldman Sachs Group Inc. boosted its holdings in OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after acquiring an additional 225,666 shares during the last quarter. American Century Companies Inc. boosted its position in shares of OFG Bancorp by 16.5% in the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after purchasing an additional 136,813 shares during the last quarter. First Trust Advisors LP grew its stake in shares of 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 purchasing an additional 100,661 shares during the period. Vanguard Group Inc. boosted its holdings in OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after buying an additional 63,883 shares during the last quarter. Finally, X Square Capital LLC raised its position in shares of OFG Bancorp by 46.7% in the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock valued at $6,256,000 after acquiring an additional 53,190 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $44.68 on Monday. 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 business has a 50-day moving average of $43.88 and a 200-day moving average of $39.11. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 11.43 and a beta of 0.99. OFG Bancorp has a fifty-two week low of $28.18 and a fifty-two week high of $47.57.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results 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. The firm 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 company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Monday, September 30th. OFG Bancorp’s payout ratio is presently 25.58%.

Analysts Set New Price Targets

OFG has been the subject of several research analyst reports. 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. 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 objective on the stock. Finally, Hovde Group increased their target price on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the stock in a transaction that occurred 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 in the company, valued at $3,243,125.87. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 3.11% of the company’s stock.

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.