NorthCrest Asset Manangement LLC Has $871,000 Stock Position in OFG Bancorp $OFG

Key Points

• NorthCrest Asset Management LLC reduced its stake in OFG Bancorp by 36.4%, holding 19,361 shares worth $871,000 after selling 11,100 shares in the second quarter.
• OFG Bancorp reported earnings per share of $1.15 for the latest quarter, surpassing expectations and demonstrating a 1.6% year-over-year revenue growth.
• The company recently declared a $0.30 quarterly dividend, giving an annualized yield of 2.7%, with the ex-dividend date set for September 30th.

NorthCrest Asset Manangement LLC reduced its stake in OFG Bancorp (NYSE:OFG - Free Report) by 36.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,361 shares of the bank's stock after selling 11,100 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in OFG Bancorp were worth $871,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP lifted its stake in shares of OFG Bancorp by 458.9% in the first quarter. Quarry LP now owns 2,666 shares of the bank's stock worth $107,000 after acquiring an additional 2,189 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of OFG Bancorp in the fourth quarter worth approximately $172,000. Vident Advisory LLC acquired a new position in shares of OFG Bancorp in the first quarter worth approximately $210,000. Noesis Capital Mangement Corp acquired a new position in shares of OFG Bancorp in the first quarter worth approximately $280,000. Finally, US Bancorp DE lifted its stake in shares of OFG Bancorp by 156.9% in the first quarter. US Bancorp DE now owns 7,827 shares of the bank's stock worth $313,000 after acquiring an additional 4,780 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, OFG Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Trading Down 1.3%

NYSE OFG opened at $44.27 on Friday. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 10.44 and a beta of 0.81. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The business has a 50 day moving average price of $43.72 and a 200-day moving average price of $41.57. 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 released its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS 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 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 company's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.08 earnings per share. As a group, equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared 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 is Tuesday, September 30th. This represents a $1.20 annualized dividend and a yield of 2.7%. OFG Bancorp's dividend payout ratio is 28.30%.

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.

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