Boston Partners Lowers Holdings in OFG Bancorp $OFG

Key Points

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Boston Partners lowered its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 36.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,119 shares of the bank's stock after selling 6,819 shares during the quarter. Boston Partners' holdings in OFG Bancorp were worth $485,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of OFG Bancorp by 14.1% in the 4th quarter. Wells Fargo & Company MN now owns 57,540 shares of the bank's stock valued at $2,435,000 after purchasing an additional 7,106 shares in the last quarter. Cerity Partners LLC raised its position in shares of OFG Bancorp by 98.8% during the 4th quarter. Cerity Partners LLC now owns 9,602 shares of the bank's stock valued at $411,000 after acquiring an additional 4,772 shares in the last quarter. Bank of Montreal Can raised its position in shares of OFG Bancorp by 9.0% during the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after acquiring an additional 438 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of OFG Bancorp by 61.8% during the 4th quarter. Renaissance Technologies LLC now owns 84,600 shares of the bank's stock valued at $3,580,000 after acquiring an additional 32,300 shares in the last quarter. Finally, Barclays PLC raised its position in shares of OFG Bancorp by 6.6% during the 4th quarter. Barclays PLC now owns 102,380 shares of the bank's stock valued at $4,332,000 after acquiring an additional 6,335 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upped their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Piper Sandler lowered their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Hovde Group lowered their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

OFG Bancorp Trading Up 0.9%

NYSE:OFG opened at $43.00 on Tuesday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 10.14 and a beta of 0.77. The business has a fifty day moving average of $43.04 and a 200-day moving average of $41.26. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87.

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

OFG Bancorp Announces Dividend

The business also recently announced 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. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is currently 28.30%.

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.

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