Empowered Funds LLC Grows Stake in OFG Bancorp $OFG

Key Points

• Empowered Funds LLC increased its holdings in OFG Bancorp by 25.6% during the first quarter, now owning approximately 0.30% of the bank's stock valued at $5.4 million.
• Research analysts have upgraded OFG Bancorp's stock ratings, with price targets rising to $50 from previous values, reflecting a consensus rating of "Moderate Buy".
• OFG Bancorp recently declared a quarterly dividend of $0.30, yielding 2.7%, with a payout ratio of 28.30%.

Empowered Funds LLC raised its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 25.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,629 shares of the bank's stock after acquiring an additional 27,644 shares during the period. Empowered Funds LLC owned approximately 0.30% of OFG Bancorp worth $5,428,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Quarry LP raised its holdings in shares of OFG Bancorp by 458.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the bank's stock valued at $107,000 after buying an additional 2,189 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of OFG Bancorp during the 4th quarter valued at about $172,000. Vident Advisory LLC purchased a new position in shares of OFG Bancorp during the 1st quarter valued at about $210,000. Noesis Capital Mangement Corp purchased a new position in shares of OFG Bancorp during the 1st quarter valued at about $280,000. Finally, US Bancorp DE raised its holdings in shares of OFG Bancorp by 156.9% during the 1st quarter. US Bancorp DE now owns 7,827 shares of the bank's stock valued at $313,000 after buying an additional 4,780 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

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

OFG Bancorp Trading Up 1.6%

OFG stock traded up $0.68 on Wednesday, reaching $43.96. The company's stock had a trading volume of 19,085 shares, compared to its average volume of 313,750. The business has a fifty day simple moving average of $43.74 and a two-hundred day simple moving average of $41.51. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The firm has a market cap of $1.96 billion, a PE ratio of 10.39 and a beta of 0.81. 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 quarterly earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $181.50 million. During the same quarter last year, the firm posted $1.08 earnings per share. The firm's revenue was up 1.6% on a year-over-year basis. As a group, research analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

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