Invesco Ltd. Decreases Stock Position in OFG Bancorp $OFG

Key Points

• Invesco Ltd. has reduced its stake in OFG Bancorp by 37.9%, now holding approximately 0.89% of the company valued at $16.24 million after selling 248,211 shares.
• OFG Bancorp's recent earnings report showed an EPS of $1.15, surpassing estimates by $0.10, and quarterly revenue increased by 1.6% year-over-year.
• The company declared a quarterly dividend of $0.30, indicating a 2.7% yield, with the payout ratio at 28.30%.

Invesco Ltd. lessened its stake in OFG Bancorp (NYSE:OFG - Free Report) by 37.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 405,886 shares of the bank's stock after selling 248,211 shares during the period. Invesco Ltd. owned approximately 0.89% of OFG Bancorp worth $16,244,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in OFG Bancorp by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank's stock worth $67,561,000 after purchasing an additional 35,960 shares during the period. Nuveen Asset Management LLC grew its position in OFG Bancorp by 0.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock worth $50,267,000 after purchasing an additional 9,658 shares during the period. Northern Trust Corp grew its position in OFG Bancorp by 8.0% in the 4th quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock worth $27,544,000 after purchasing an additional 48,442 shares during the period. Janus Henderson Group PLC grew its position in OFG Bancorp by 6.3% in the 4th quarter. Janus Henderson Group PLC now owns 634,817 shares of the bank's stock worth $26,866,000 after purchasing an additional 37,653 shares during the period. Finally, Deutsche Bank AG grew its position in OFG Bancorp by 3.8% in the 4th quarter. Deutsche Bank AG now owns 379,096 shares of the bank's stock worth $16,043,000 after purchasing an additional 13,811 shares during the period. Institutional investors own 92.73% of the company's stock.

OFG Bancorp Price Performance

Shares of OFG traded down $0.01 during trading hours on Thursday, reaching $44.85. 288,179 shares of the stock traded hands, compared to its average volume of 216,376. 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 52-week low of $33.15 and a 52-week high of $47.66. The company's 50-day moving average price is $43.52 and its two-hundred day moving average price is $41.33. The company has a market cap of $2.00 billion, a P/E ratio of 10.58 and a beta of 0.77.

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

OFG Bancorp Dividend Announcement

The company also recently announced 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. 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 payout ratio is 28.30%.

Analysts Set New Price Targets

A number of equities research analysts have commented on OFG shares. Keefe, Bruyette & Woods lifted their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Wall Street Zen upgraded shares of 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 shares of 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 given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.