Jacobs Levy Equity Management Inc. Increases Stock Holdings in OFG Bancorp $OFG

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. increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 491,909 shares of the bank's stock after purchasing an additional 45,045 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 1.10% of OFG Bancorp worth $19,686,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of OFG Bancorp by 42.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock worth $909,000 after buying an additional 6,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in OFG Bancorp by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock worth $1,505,000 after purchasing an additional 3,702 shares during the last quarter. Bank of America Corp DE boosted its position in OFG Bancorp by 11.0% in the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock worth $4,409,000 after purchasing an additional 10,355 shares during the last quarter. Hsbc Holdings PLC boosted its position in OFG Bancorp by 76.3% in the first quarter. Hsbc Holdings PLC now owns 27,083 shares of the bank's stock worth $1,083,000 after purchasing an additional 11,725 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in OFG Bancorp by 3.2% in the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock worth $10,398,000 after purchasing an additional 8,050 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. 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, Keefe, Bruyette & Woods boosted their target price 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. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, OFG Bancorp presently has an average rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Stock Performance

Shares of OFG stock traded down $0.24 during trading on Friday, reaching $43.91. 30,794 shares of the company's stock traded hands, compared to its average volume of 316,433. The company has a market capitalization of $1.95 billion, a P/E ratio of 10.35 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. The firm's 50-day moving average is $43.81 and its 200 day moving average is $41.48. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly 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 company had revenue of $182.20 million for the quarter, compared to analysts' expectations of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. OFG Bancorp's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. Equities research analysts expect 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. Investors of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend 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 28.30%.

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.