Empowered Funds LLC Raises Stock Holdings 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 lifted its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 25.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 135,629 shares of the bank's stock after buying an additional 27,644 shares during the quarter. Empowered Funds LLC owned approximately 0.30% of OFG Bancorp worth $5,428,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. SummerHaven Investment Management LLC raised its holdings in shares of OFG Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock worth $821,000 after buying an additional 337 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after buying an additional 552 shares during the period. Alps Advisors Inc. raised its holdings in shares of OFG Bancorp by 8.8% in the first quarter. Alps Advisors Inc. now owns 8,799 shares of the bank's stock worth $352,000 after buying an additional 709 shares during the period. Cynosure Group LLC raised its holdings in shares of OFG Bancorp by 20.0% in the first quarter. Cynosure Group LLC now owns 8,242 shares of the bank's stock worth $330,000 after buying an additional 1,376 shares during the period. Finally, Knights of Columbus Asset Advisors LLC raised its holdings in shares of OFG Bancorp by 2.7% in the first quarter. Knights of Columbus Asset Advisors LLC now owns 53,033 shares of the bank's stock worth $2,122,000 after buying an additional 1,408 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company raised their price objective on OFG Bancorp from $42.00 to $48.00 and gave the stock 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 assigned a Hold rating to the stock. According to data from MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Stock Performance

Shares of NYSE:OFG opened at $44.11 on Friday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The business's fifty day simple moving average is $43.81 and its 200-day simple moving average is $41.48. The company has a market capitalization of $1.96 billion, a PE ratio of 10.40 and a beta of 0.81. 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 announced its quarterly 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 business had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. During the same period last year, the business posted $1.08 EPS. The business's revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio (DPR) is currently 28.30%.

About OFG Bancorp

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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