American Century Companies Inc. Acquires 102,755 Shares of OFG Bancorp $OFG

Key Points

• American Century Companies Inc. has increased its stake in OFG Bancorp by 8.8%, bringing its total ownership to approximately $50.85 million with 1,270,604 shares.
• Several institutional investors have also raised their holdings in OFG Bancorp, with notable increases of 14.1% by Wells Fargo and 98.8% by Cerity Partners.
• OFG Bancorp will pay a quarterly dividend of $0.30 on October 15, representing an annualized yield of 2.8%.

American Century Companies Inc. boosted its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,270,604 shares of the bank's stock after purchasing an additional 102,755 shares during the period. American Century Companies Inc. owned about 2.80% of OFG Bancorp worth $50,850,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in OFG Bancorp by 42.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after buying an additional 6,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of OFG Bancorp by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after acquiring an additional 3,702 shares during the period. Bank of America Corp DE grew its stake in shares of OFG Bancorp by 11.0% in the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after acquiring an additional 10,355 shares in the last quarter. Principal Financial Group Inc. increased its position in OFG Bancorp by 3.2% during the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock worth $10,398,000 after acquiring an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in OFG Bancorp in the 1st quarter worth about $1,240,000. Institutional investors own 92.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Price Performance

Shares of OFG stock traded down $0.2870 on Monday, reaching $44.5230. The company had a trading volume of 124,679 shares, compared to its average volume of 225,929. The stock has a market capitalization of $1.98 billion, a PE ratio of 10.50 and a beta of 0.77. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The business's 50-day moving average is $43.27 and its 200 day moving average is $41.27. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. The firm had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The company's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business posted $1.08 earnings per share. Equities research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is presently 28.30%.

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.