New Age Alpha Advisors LLC Buys New Stake 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 stake in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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.

Other institutional investors have also added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in shares of OFG Bancorp by 156.9% during the 1st quarter. US Bancorp DE now owns 7,827 shares of the bank's stock valued at $313,000 after buying an additional 4,780 shares during the period. XTX Topco Ltd bought a new position in OFG Bancorp in the 1st quarter worth $396,000. De Lisle Partners LLP bought a new position in OFG Bancorp in the 1st quarter worth $2,002,000. GSA Capital Partners LLP bought a new position in OFG Bancorp in the 1st quarter worth $1,240,000. Finally, Knights of Columbus Asset Advisors LLC raised its holdings in OFG Bancorp by 2.7% in the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 53,033 shares of the bank's stock worth $2,122,000 after purchasing an additional 1,408 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

OFG Bancorp Stock Performance

OFG traded down $0.11 during midday trading on Friday, hitting $41.73. 151,300 shares of the company were exchanged, compared to its average volume of 239,547. The company's 50 day simple moving average is $42.86 and its 200 day simple moving average is $41.28. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.84 and a beta of 0.77. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. 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 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.10. The company had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $1.08 EPS. As a group, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current 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 2.9%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's payout ratio is currently 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.