OFG Bancorp $OFG Holdings Raised by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its holdings in OFG Bancorp by 8.4%, owning approximately $8.37 million worth of the bank's stock after acquiring 16,260 additional shares.
• Equities analysts have positive forecasts for OFG Bancorp, with an average rating of "Moderate Buy" and a consensus target price of $47.50, following multiple upgrades from major firms.
• OFG Bancorp announced a quarterly dividend of $0.30 per share, equating to an annualized yield of 2.7%, with the record date for this dividend on September 30th.

Cubist Systematic Strategies LLC lifted its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 209,101 shares of the bank's stock after buying an additional 16,260 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.47% of OFG Bancorp worth $8,368,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in OFG. Nuveen LLC purchased a new stake in OFG Bancorp during the 1st quarter worth about $44,749,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in OFG Bancorp during the 4th quarter worth about $7,289,000. Bridgeway Capital Management LLC purchased a new stake in OFG Bancorp during the 4th quarter worth about $5,205,000. American Century Companies Inc. increased its position in OFG Bancorp by 8.8% during the 1st quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock worth $50,850,000 after purchasing an additional 102,755 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its position in OFG Bancorp by 138.8% during the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock worth $6,336,000 after purchasing an additional 87,024 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analysts Set New Price Targets

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

OFG Bancorp Stock Down 1.3%

OFG Bancorp stock traded down $0.60 during midday trading on Friday, hitting $44.74. 154,994 shares of the company were exchanged, compared to its average volume of 200,911. The company's fifty day moving average price is $43.81 and its 200-day moving average price is $41.42. The company has a market cap of $1.99 billion, a PE ratio of 10.55 and a beta of 0.81. 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 fifty-two week low of $33.15 and a fifty-two week high of $47.66.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is presently 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.