New Age Alpha Advisors LLC Invests $1.64 Million in OFG Bancorp (NYSE:OFG)

Key Points

• New Age Alpha Advisors LLC has made a new investment of $1.64 million in OFG Bancorp, purchasing approximately 40,955 shares and owning about 0.09% of the company.
• Analysts have mixed views on OFG Bancorp, with some lowering price targets while others raised them; the consensus rating is a "Moderate Buy" with a target price of $47.50.
• OFG Bancorp announced a quarterly dividend of $0.30 per share, reflecting a dividend yield of 2.9%, with the ex-dividend date set for September 30th.

New Age Alpha Advisors LLC bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 40,955 shares of the bank's stock, valued at approximately $1,639,000. New Age Alpha Advisors LLC owned about 0.09% of OFG Bancorp at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in OFG. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in OFG Bancorp during the fourth quarter worth about $7,289,000. Bridgeway Capital Management LLC bought a new position in OFG Bancorp in the fourth quarter valued at about $5,205,000. Tudor Investment Corp ET AL boosted its position in OFG Bancorp by 139.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock worth $7,470,000 after buying an additional 102,680 shares during the period. Voloridge Investment Management LLC boosted its position in OFG Bancorp by 138.8% during the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock worth $6,336,000 after buying an additional 87,024 shares during the period. Finally, Vest Financial LLC acquired a new stake in OFG Bancorp during the 1st quarter worth approximately $3,093,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Hovde Group dropped their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Piper Sandler lowered their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods upped their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Finally, Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Stock Up 1.5%

Shares of NYSE:OFG traded up $0.64 during trading on Tuesday, hitting $42.50. The stock had a trading volume of 57,737 shares, compared to its average volume of 332,584. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The company has a market capitalization of $1.89 billion, a PE ratio of 10.04 and a beta of 0.77. The firm's fifty day moving average is $42.87 and its 200 day moving average is $41.25. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.10. The company 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%. OFG Bancorp's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business earned $1.08 EPS. Analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 28.30%.

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.