Elizabeth Park Capital Advisors Ltd. Increases Stock Position in OFG Bancorp $OFG

Key Points

• Elizabeth Park Capital Advisors Ltd. increased its holdings in OFG Bancorp by 32.8%, owning approximately 66,049 shares, which represents about 2.4% of its investment portfolio.
• OFG Bancorp reported earnings of $1.15 per share for the last quarter, exceeding estimates, with a revenue increase of 1.6% year-over-year.
• The company announced a quarterly dividend of $0.30 per share, yielding 2.7%, with the payment date set for October 15th.

Elizabeth Park Capital Advisors Ltd. boosted its stake in OFG Bancorp (NYSE:OFG - Free Report) by 32.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,049 shares of the bank's stock after purchasing an additional 16,330 shares during the quarter. OFG Bancorp comprises approximately 2.4% of Elizabeth Park Capital Advisors Ltd.'s holdings, making the stock its 19th largest holding. Elizabeth Park Capital Advisors Ltd. owned 0.15% of OFG Bancorp worth $2,643,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in OFG Bancorp by 2.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank's stock worth $67,561,000 after purchasing an additional 35,960 shares in the last quarter. American Century Companies Inc. lifted its stake in OFG Bancorp by 8.8% in the 1st quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock worth $50,850,000 after purchasing an additional 102,755 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in OFG Bancorp by 0.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock worth $50,267,000 after purchasing an additional 9,658 shares in the last quarter. Nuveen LLC purchased a new stake in OFG Bancorp in the 1st quarter worth $44,749,000. Finally, Northern Trust Corp lifted its stake in OFG Bancorp by 8.0% in the 4th quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock worth $27,544,000 after purchasing an additional 48,442 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analyst Weigh In

OFG has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target 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. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Trading Down 0.0%

NYSE:OFG traded down $0.01 during mid-day trading on Friday, hitting $44.76. 315,630 shares of the stock traded hands, compared to its average volume of 216,326. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 10.56 and a beta of 0.77. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The firm's 50 day moving average is $43.60 and its two-hundred day moving average is $41.32. 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 issued its quarterly 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. The company had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. On average, equities research analysts predict 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. Shareholders of record on Tuesday, September 30th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 30th. 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.