Janney Montgomery Scott LLC Purchases New Stake in OFG Bancorp (NYSE:OFG)

Janney Montgomery Scott LLC purchased a new stake in OFG Bancorp (NYSE:OFG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,902 shares of the bank’s stock, valued at approximately $759,000.

Several other hedge funds have also bought and sold shares of the business. Arizona State Retirement System grew its position in OFG Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the period. Louisiana State Employees Retirement System boosted its holdings 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 acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings 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 acquiring an additional 412 shares during the last quarter. XTX Topco Ltd boosted its holdings 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 acquiring an additional 566 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings 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 acquiring an additional 568 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OFG shares. Hovde Group lifted their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company lifted 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.

OFG Bancorp Trading Down 0.7 %

NYSE OFG opened at $43.77 on Monday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 10.65 and a beta of 1.00. OFG Bancorp has a one year low of $32.96 and a one year high of $47.57. 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 business’s fifty day moving average is $42.88 and its 200-day moving average is $41.05.

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). The business had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Equities research analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its Board of Directors has initiated a share buyback plan 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 stock through open market purchases. Stock repurchase plans are generally 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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

About OFG Bancorp

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.