Intech Investment Management LLC Grows 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 increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 11.4% during the 1st quarter, according to its most recent 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 period. Intech Investment Management LLC owned about 0.46% of OFG Bancorp worth $8,277,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Nuveen LLC bought a new position in OFG Bancorp in the 1st quarter valued at approximately $44,749,000. Millennium Management LLC increased its position in shares of OFG Bancorp by 73.1% during the first quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock worth $21,372,000 after buying an additional 225,472 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of OFG Bancorp during the fourth quarter worth $7,289,000. American Century Companies Inc. increased its position in shares of OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock worth $50,850,000 after buying an additional 102,755 shares during the period. Finally, Bridgeway Capital Management LLC increased its position 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 worth $8,950,000 after buying an additional 100,644 shares during the period. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Trading Down 1.4%

NYSE OFG traded down $0.60 during trading on Tuesday, hitting $43.00. The company had a trading volume of 44,091 shares, compared to its average volume of 314,670. 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 has a one year low of $33.15 and a one year high of $47.66. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 10.15 and a beta of 0.81. The company's fifty day moving average is $43.77 and its 200-day moving average is $41.50.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate 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 net margin of 22.06% and a return on equity of 14.97%. The company's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.08 EPS. On average, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 28.30%.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective 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 raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

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.