Boston Partners Trims Stock Position in OFG Bancorp $OFG

Key Points

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Boston Partners cut its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 36.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,119 shares of the bank's stock after selling 6,819 shares during the period. Boston Partners' holdings in OFG Bancorp were worth $485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OFG. Nuveen LLC bought a new position in shares of OFG Bancorp during the first quarter valued at approximately $44,749,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of OFG Bancorp during the fourth quarter valued at approximately $7,289,000. Bridgeway Capital Management LLC purchased a new stake in OFG Bancorp during the fourth quarter valued at approximately $5,205,000. Tudor Investment Corp ET AL boosted its stake in OFG Bancorp by 139.1% in the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after acquiring an additional 102,680 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in OFG Bancorp by 138.8% in the fourth quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock valued at $6,336,000 after acquiring an additional 87,024 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Performance

Shares of NYSE:OFG traded up $2.0290 on Friday, hitting $44.7790. 252,220 shares of the company were exchanged, compared to its average volume of 225,929. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The stock's 50 day moving average price is $43.19 and its 200 day moving average price is $41.26. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.99 billion, a P/E ratio of 10.56 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $182.20 million during the quarter, compared to the consensus estimate of $181.50 million. During the same period in the previous year, the firm posted $1.08 earnings per share. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. Sell-side analysts predict that OFG Bancorp will post 4.18 EPS 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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's payout ratio is presently 28.30%.

Wall Street Analysts Forecast Growth

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

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.