OFG Bancorp $OFG Shares Bought by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has increased its stake in OFG Bancorp by 10.1% during the first quarter, bringing its total ownership to 491,909 shares valued at approximately $19.7 million.
• Several brokerages, including Keefe, Bruyette & Woods and Wells Fargo, have recently raised their price targets on OFG Bancorp, with the average target price now at $47.50.
• OFG Bancorp announced a quarterly dividend of $0.30 per share, representing a dividend yield of 2.7%, to be paid on October 15th to shareholders of record as of September 30th.

Jacobs Levy Equity Management Inc. lifted its position in OFG Bancorp (NYSE:OFG - Free Report) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 491,909 shares of the bank's stock after buying an additional 45,045 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 1.10% of OFG Bancorp worth $19,686,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bridgeway Capital Management LLC grew its position in shares of OFG Bancorp by 81.8% in the 1st 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 last quarter. AQR Capital Management LLC boosted its stake in OFG Bancorp by 1.7% in the 1st quarter. AQR Capital Management LLC now owns 150,971 shares of the bank's stock worth $6,042,000 after purchasing an additional 2,468 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in OFG Bancorp by 8.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 209,101 shares of the bank's stock worth $8,368,000 after purchasing an additional 16,260 shares in the last quarter. Royal Bank of Canada boosted its stake in OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank's stock worth $1,221,000 after purchasing an additional 2,456 shares in the last quarter. Finally, Quarry LP boosted its stake in OFG Bancorp by 458.9% in the 1st quarter. Quarry LP now owns 2,666 shares of the bank's stock worth $107,000 after purchasing an additional 2,189 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock traded up $0.18 on Wednesday, hitting $44.09. The company's stock had a trading volume of 151,146 shares, compared to its average volume of 318,582. 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 has a 1 year low of $33.15 and a 1 year high of $47.66. The firm has a fifty day moving average price of $43.84 and a 200-day moving average price of $41.45. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 10.40 and a beta of 0.81.

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 for the quarter, beating the consensus estimate of $1.05 by $0.10. The firm 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 for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 EPS. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

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 given 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 yield of 2.7%. OFG Bancorp's dividend payout ratio is currently 28.30%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OFG shares. 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 report on Thursday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.50.

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.