OFG Bancorp (NYSE:OFG) Shares Purchased by Citigroup Inc.

Citigroup Inc. raised its stake in OFG Bancorp (NYSE:OFG) by 7.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,216 shares of the bank’s stock after purchasing an additional 6,716 shares during the quarter. Citigroup Inc. owned about 0.20% of OFG Bancorp worth $4,097,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in OFG. Arizona State Retirement System lifted its holdings in shares of OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after acquiring an additional 247 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in OFG Bancorp by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after buying an additional 300 shares during the period. SummerHaven Investment Management LLC increased its stake in OFG Bancorp by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after buying an additional 412 shares during the period. XTX Topco Ltd increased its stake in OFG Bancorp by 7.6% during the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock worth $299,000 after buying an additional 566 shares during the period. Finally, Rhumbline Advisers increased its stake in OFG Bancorp by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after buying an additional 568 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 0.9 %

Shares of NYSE:OFG opened at $45.12 on Wednesday. The company has a 50 day moving average of $43.11 and a 200-day moving average of $41.62. The firm has a market cap of $2.07 billion, a P/E ratio of 10.98 and a beta of 1.02. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts anticipate that OFG Bancorp will post 4.11 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 Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.22%. OFG Bancorp’s dividend payout ratio is presently 24.33%.

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

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler reduced their price target on shares of 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.