Victory Capital Management Inc. Reduces Stock Position in OFG Bancorp (NYSE:OFG)

Victory Capital Management Inc. lowered its position in OFG Bancorp (NYSE:OFG) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 169,410 shares of the bank’s stock after selling 4,793 shares during the quarter. Victory Capital Management Inc. owned approximately 0.36% of OFG Bancorp worth $7,610,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in OFG. Raffles Associates LP grew its position in OFG Bancorp by 9.3% during the second quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in OFG Bancorp by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after buying an additional 30,814 shares during the period. Algert Global LLC boosted its position in shares of OFG Bancorp by 14.0% in the second quarter. Algert Global LLC now owns 161,684 shares of the bank’s stock worth $6,055,000 after buying an additional 19,838 shares during the period. Denali Advisors LLC acquired a new stake in OFG Bancorp during the 2nd quarter valued at $1,232,000. Finally, Janney Montgomery Scott LLC acquired a new stake in OFG Bancorp during the 3rd quarter valued at approximately $759,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of OFG opened at $44.41 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a fifty day moving average price of $42.91 and a 200 day moving average price of $41.18. The company has a market cap of $2.04 billion, a P/E ratio of 10.81 and a beta of 1.00. OFG Bancorp has a 12 month low of $32.96 and a 12 month high of $47.57.

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

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp declared that its Board of Directors has authorized a share buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

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.