Public Sector Pension Investment Board Buys 31,135 Shares of OFG Bancorp $OFG

Key Points

• The Public Sector Pension Investment Board increased its stake in OFG Bancorp by 27.2%, owning approximately $5.82 million worth of shares at the end of the most recent quarter.
• OFG Bancorp reported a net margin of 22.06% and earnings of $1.15 per share, exceeding estimates, with revenue up 1.6% year-over-year.
• The company announced a quarterly dividend of $0.30 per share, translating to an annualized yield of 2.8%, set to be paid on October 15th.

Public Sector Pension Investment Board lifted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 27.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 145,512 shares of the bank's stock after buying an additional 31,135 shares during the period. Public Sector Pension Investment Board owned about 0.32% of OFG Bancorp worth $5,823,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of OFG Bancorp by 42.8% during 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of OFG Bancorp by 11.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock worth $1,505,000 after buying an additional 3,702 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of OFG Bancorp by 11.0% during the 4th quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock worth $4,409,000 after buying an additional 10,355 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of OFG Bancorp by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock worth $10,398,000 after buying an additional 8,050 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new position in OFG Bancorp in the 1st quarter worth about $1,240,000. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Trading Up 4.1%

Shares of OFG Bancorp stock traded up $1.7350 on Friday, hitting $44.4850. 30,978 shares of the company's stock traded hands, compared to its average volume of 326,507. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average of $43.11 and a two-hundred day moving average of $41.28. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.47 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same quarter in the prior year, the company earned $1.08 EPS. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio is 28.30%.

Wall Street Analyst Weigh In

OFG has been the subject of a number of recent research reports. Piper Sandler lowered their target price on 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 OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Hovde Group reduced their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.