Noesis Capital Mangement Corp Buys Shares of 7,000 OFG Bancorp (NYSE:OFG)

Noesis Capital Mangement Corp acquired a new stake in OFG Bancorp (NYSE:OFG - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 7,000 shares of the bank's stock, valued at approximately $280,000.

Other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in OFG Bancorp in the 4th quarter valued at approximately $44,000. Point72 Asset Management L.P. bought a new position in OFG Bancorp in the 4th quarter valued at $172,000. Bridgefront Capital LLC bought a new position in OFG Bancorp in the 4th quarter valued at $221,000. Bank of Montreal Can boosted its holdings in OFG Bancorp by 9.0% in the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after purchasing an additional 438 shares during the period. Finally, Oxford Asset Management LLP bought a new position in OFG Bancorp in the 4th quarter valued at $225,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

OFG Bancorp Trading Up 0.9%

Shares of OFG stock traded up $0.41 during mid-day trading on Friday, reaching $43.32. The stock had a trading volume of 226,093 shares, compared to its average volume of 224,803. The stock's 50-day moving average price is $42.71 and its two-hundred day moving average price is $41.32. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The firm has a market capitalization of $1.95 billion, a PE ratio of 10.22 and a beta of 0.75. 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 (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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 earnings per share. OFG Bancorp's quarterly revenue was up 1.6% on a year-over-year basis. Equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Monday, June 30th. OFG Bancorp's dividend payout ratio is currently 28.30%.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer owned 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.11% of the company's stock.

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.