Charles Schwab Investment Management Inc. Acquires 35,960 Shares of OFG Bancorp $OFG

Key Points

• Charles Schwab Investment Management Inc. increased its stake in OFG Bancorp by 2.2% in Q1, holding 1,688,184 shares valued at approximately $67.56 million.
• Despite trading down 1.7% recently, OFG Bancorp reported a quarterly EPS of $1.15, exceeding estimates and showing a year-over-year revenue increase of 1.6%.
• The company declared a quarterly dividend of $0.30, with a dividend yield of 2.8%, to be paid on October 15th to shareholders of record by September 30th.

Charles Schwab Investment Management Inc. boosted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 2.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,688,184 shares of the bank's stock after acquiring an additional 35,960 shares during the period. Charles Schwab Investment Management Inc. owned 3.72% of OFG Bancorp worth $67,561,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in shares of OFG Bancorp during the fourth quarter worth $172,000. Bridgefront Capital LLC bought a new position in OFG Bancorp during the fourth quarter worth about $221,000. Bank of Montreal Can boosted its holdings in 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 buying an additional 438 shares during the last quarter. Oxford Asset Management LLP acquired a new position in shares of OFG Bancorp during the 4th quarter worth about $225,000. Finally, Caxton Associates LP bought a new stake in shares of OFG Bancorp in the 4th quarter valued at about $225,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of 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 lifted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Hovde Group lowered their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Piper Sandler decreased their target price 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. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Stock Up 0.3%

Shares of OFG Bancorp stock traded up $0.11 on Tuesday, hitting $43.15. The company had a trading volume of 8,150 shares, compared to its average volume of 329,554. The stock has a 50-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 current ratio of 0.87 and a quick ratio of 0.87. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The firm has a market capitalization of $1.92 billion, a P/E ratio of 10.21 and a beta of 0.77.

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, topping analysts' consensus estimates of $1.05 by $0.10. The firm had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The company'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 business earned $1.08 EPS. Research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently announced 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. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) 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.