Hsbc Holdings PLC Purchases 11,725 Shares of OFG Bancorp $OFG

Key Points

• Hsbc Holdings PLC increased its stake in OFG Bancorp by 76.3% during the first quarter, now owning 27,083 shares valued at over $1 million.
• OFG Bancorp reported $1.15 EPS for the last quarter, exceeding estimates, with revenues up 1.6% year-over-year.
• The company announced a quarterly dividend of $0.30, representing a yield of 2.7%, to be paid to shareholders on October 15th.

Hsbc Holdings PLC boosted its position in OFG Bancorp (NYSE:OFG - Free Report) by 76.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 27,083 shares of the bank's stock after acquiring an additional 11,725 shares during the period. Hsbc Holdings PLC owned 0.06% of OFG Bancorp worth $1,083,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in OFG. Allspring Global Investments Holdings LLC increased its stake in shares of OFG Bancorp by 42.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock worth $909,000 after purchasing an additional 6,814 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in OFG Bancorp by 11.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after buying an additional 3,702 shares in the last quarter. Bank of America Corp DE grew its stake in OFG Bancorp by 11.0% in the 4th quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after buying an additional 10,355 shares in the last quarter. Principal Financial Group Inc. raised its holdings in OFG Bancorp by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after acquiring an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of OFG Bancorp during the first quarter worth $1,240,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted 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. Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $47.50.

OFG Bancorp Price Performance

OFG Bancorp stock traded up $0.80 during midday trading on Thursday, hitting $45.28. 162,459 shares of the company's stock were exchanged, compared to its average volume of 200,707. The company has a market cap of $2.02 billion, a P/E ratio of 10.68 and a beta of 0.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50-day moving average price of $43.77 and a two-hundred day moving average price of $41.40. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share 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 firm had revenue of $182.20 million for the quarter, compared to analysts' expectations of $181.50 million. During the same quarter last year, the firm posted $1.08 EPS. The company's revenue was up 1.6% compared to the same quarter last year. On average, equities research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

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

OFG Bancorp Company 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.