Intech Investment Management LLC Has $8.28 Million Position in OFG Bancorp $OFG

Key Points

• Intech Investment Management LLC increased its holdings in OFG Bancorp by 11.4%, owning approximately 206,832 shares worth $8.27 million as of its latest SEC filing.
• OFG Bancorp has seen multiple analyst upgrades, with Wall Street Zen raising its rating from "sell" to "hold" and Keefe, Bruyette & Woods projecting a price increase from $48 to $50.
• The company declared a quarterly dividend of $0.30 per share, representing a yield of 2.7%, to be paid on October 15th to shareholders of record on September 30th.

Intech Investment Management LLC raised its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 11.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 206,832 shares of the bank's stock after acquiring an additional 21,087 shares during the quarter. Intech Investment Management LLC owned approximately 0.46% of OFG Bancorp worth $8,277,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in shares of OFG Bancorp in the first quarter worth $44,749,000. Millennium Management LLC increased its stake in OFG Bancorp by 73.1% during the first quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock valued at $21,372,000 after purchasing an additional 225,472 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in OFG Bancorp during the fourth quarter valued at $7,289,000. American Century Companies Inc. increased its stake in OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock valued at $50,850,000 after purchasing an additional 102,755 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of OFG Bancorp by 81.8% during the first quarter. Bridgeway Capital Management LLC now owns 223,629 shares of the bank's stock valued at $8,950,000 after acquiring an additional 100,644 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

Shares of OFG traded down $0.37 during mid-day trading on Friday, hitting $43.78. The company's stock had a trading volume of 141,712 shares, compared to its average volume of 185,001. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $1.95 billion, a PE ratio of 10.33 and a beta of 0.81. The stock's 50-day moving average is $43.79 and its two-hundred day moving average is $41.50.

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

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is currently 28.30%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Keefe, Bruyette & Woods increased 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. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.50.

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.