Bridgeway Capital Management LLC Increases Position in OFG Bancorp $OFG

Key Points

• Bridgeway Capital Management LLC increased its holdings in OFG Bancorp by 81.8% during the first quarter, owning a total of 223,629 shares valued at approximately $8.95 million.
• OFG Bancorp reported earnings of $1.15 per share for the last quarter, surpassing analysts' estimates and showing a 1.6% increase in revenue compared to the previous year.
• The firm announced a quarterly dividend of $0.30 per share, representing an annualized payout of $1.20 and a 2.7% yield for investors of record.

Bridgeway Capital Management LLC increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 223,629 shares of the bank's stock after purchasing an additional 100,644 shares during the period. Bridgeway Capital Management LLC owned 0.50% of OFG Bancorp worth $8,950,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in shares of OFG Bancorp by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank's stock valued at $67,561,000 after buying an additional 35,960 shares during the period. American Century Companies Inc. lifted its holdings in OFG Bancorp by 8.8% in the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock valued at $50,850,000 after acquiring an additional 102,755 shares during the last quarter. Nuveen Asset Management LLC grew its position in OFG Bancorp by 0.8% in the fourth quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock worth $50,267,000 after acquiring an additional 9,658 shares during the period. Nuveen LLC acquired a new stake in OFG Bancorp during the first quarter worth $44,749,000. Finally, Northern Trust Corp raised its position in OFG Bancorp by 8.0% in the fourth quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock valued at $27,544,000 after purchasing an additional 48,442 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 1.4%

OFG stock traded down $0.64 during midday trading on Tuesday, hitting $43.72. The company's stock had a trading volume of 53,297 shares, compared to its average volume of 318,403. The firm has a 50-day simple moving average of $43.84 and a 200-day simple moving average of $41.43. The firm has a market capitalization of $1.95 billion, a P/E ratio of 10.31 and a beta of 0.81. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping 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 company's revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. As a group, equities analysts forecast 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 $0.30 dividend. 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 dividend payout ratio (DPR) is presently 28.30%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OFG shares. Wells Fargo & Company increased their price target on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Keefe, Bruyette & Woods increased their target price on shares of 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 given a Hold rating to the company's stock. According to data from MarketBeat.com, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus 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.