New York State Teachers Retirement System Sells 759 Shares of OFG Bancorp (NYSE:OFG)

New York State Teachers Retirement System reduced its stake in OFG Bancorp (NYSE:OFG) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,255 shares of the bank’s stock after selling 759 shares during the quarter. New York State Teachers Retirement System owned about 0.05% of OFG Bancorp worth $1,134,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arizona State Retirement System raised its stake in OFG Bancorp by 1.9% during the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after buying an additional 247 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of OFG Bancorp by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after acquiring an additional 300 shares in the last quarter. SummerHaven Investment Management LLC raised its position in shares of OFG Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after purchasing an additional 412 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake in OFG Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 41,191 shares of the bank’s stock worth $1,516,000 after purchasing an additional 540 shares in the last quarter. Finally, XTX Topco Ltd grew its position in OFG Bancorp by 7.6% during the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after purchasing an additional 566 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OFG. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company boosted their price objective 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. Finally, Hovde Group upped their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd.

OFG Bancorp Price Performance

OFG opened at $44.36 on Friday. The company’s 50-day simple moving average is $42.92 and its two-hundred day simple moving average is $40.74. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $2.07 billion, a P/E ratio of 10.79 and a beta of 1.00. OFG Bancorp has a 52-week low of $30.53 and a 52-week high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

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

OFG Bancorp Dividend Announcement

The company also recently disclosed 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. This represents a $1.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is currently 24.33%.

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.