Charles Schwab Investment Management Inc. Buys 35,960 Shares of OFG Bancorp (NYSE:OFG)

Charles Schwab Investment Management Inc. raised its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,688,184 shares of the bank's stock after purchasing an additional 35,960 shares during the quarter. Charles Schwab Investment Management Inc. owned 3.72% of OFG Bancorp worth $67,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of OFG. Point72 Asset Management L.P. purchased a new position in shares of OFG Bancorp during the fourth quarter worth approximately $172,000. Bridgefront Capital LLC purchased a new position in shares of OFG Bancorp during the fourth quarter worth approximately $221,000. Bank of Montreal Can raised its stake 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 worth $224,000 after acquiring an additional 438 shares in the last quarter. Oxford Asset Management LLP purchased a new position in shares of OFG Bancorp during the fourth quarter worth approximately $225,000. Finally, Caxton Associates LP purchased a new position in shares of OFG Bancorp in the fourth quarter worth $225,000. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Piper Sandler decreased their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Hovde Group decreased their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lifted 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. Finally, Wells Fargo & Company lifted 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 note on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, OFG Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

OFG Bancorp Trading Down 0.0%

OFG Bancorp stock opened at $43.45 on Friday. The firm has a 50 day moving average of $43.00 and a 200 day moving average of $41.29. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 10.25 and a beta of 0.77. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.10. The business had revenue of $182.20 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. As a group, research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp's dividend payout ratio (DPR) 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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