OFG Bancorp $OFG Shares Acquired by Public Sector Pension Investment Board

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 increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 27.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,512 shares of the bank's stock after acquiring an additional 31,135 shares during the period. Public Sector Pension Investment Board owned about 0.32% of OFG Bancorp worth $5,823,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OFG. Wells Fargo & Company MN lifted its stake in OFG Bancorp by 14.1% during the 4th quarter. Wells Fargo & Company MN now owns 57,540 shares of the bank's stock worth $2,435,000 after acquiring an additional 7,106 shares in the last quarter. Cerity Partners LLC lifted its stake in OFG Bancorp by 98.8% during the 4th quarter. Cerity Partners LLC now owns 9,602 shares of the bank's stock worth $411,000 after acquiring an additional 4,772 shares in the last quarter. Bank of Montreal Can lifted its stake in OFG Bancorp by 9.0% during the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after acquiring an additional 438 shares in the last quarter. Renaissance Technologies LLC lifted its stake in OFG Bancorp by 61.8% during the 4th quarter. Renaissance Technologies LLC now owns 84,600 shares of the bank's stock worth $3,580,000 after acquiring an additional 32,300 shares in the last quarter. Finally, Barclays PLC lifted its stake in OFG Bancorp by 6.6% during the 4th quarter. Barclays PLC now owns 102,380 shares of the bank's stock worth $4,332,000 after acquiring an additional 6,335 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analysts Set New Price Targets

OFG has been the subject of a number of analyst reports. Hovde Group lowered 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 shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Piper Sandler cut their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note 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.com, OFG Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Stock Performance

NYSE OFG traded down $0.24 during trading hours on Thursday, hitting $42.72. The company had a trading volume of 40,263 shares, compared to its average volume of 327,849. The company has a market cap of $1.90 billion, a PE ratio of 10.07 and a beta of 0.77. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The business has a 50 day moving average of $43.09 and a 200-day moving average of $41.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 EPS 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 analyst estimates 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 was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. As a group, equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 annualized dividend and a yield of 2.8%. OFG Bancorp's payout ratio is 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.