American Century Companies Inc. Has $50.85 Million Stock Position in 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 position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 8.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,270,604 shares of the bank's stock after buying an additional 102,755 shares during the quarter. American Century Companies Inc. owned 2.80% of OFG Bancorp worth $50,850,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at $172,000. Bridgefront Capital LLC purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at $221,000. Bank of Montreal Can lifted its holdings in shares of OFG Bancorp by 9.0% during the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after purchasing an additional 438 shares during the last quarter. Oxford Asset Management LLP purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at $225,000. Finally, Caxton Associates LP purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at $225,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

OFG Bancorp Stock Up 4.7%

Shares of NYSE OFG traded up $2.0290 during mid-day trading on Friday, reaching $44.7790. 252,220 shares of the company traded hands, compared to its average volume of 224,623. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $1.99 billion, a PE ratio of 10.56 and a beta of 0.77. The company's fifty day moving average is $43.19 and its two-hundred day moving average is $41.28. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66.

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

OFG Bancorp Announces Dividend

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

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.