OFG Bancorp $OFG Shares Acquired by Algert Global LLC

Key Points

• Algert Global LLC increased its stake in OFG Bancorp by 9.9% in the first quarter, now owning approximately 190,710 shares valued at $7.6 million.
• In a recent earnings report, OFG Bancorp surpassed expectations with an EPS of $1.15, exceeding the consensus estimate by $0.10.
• The company announced a quarterly dividend of $0.30 per share, reflecting an annualized dividend yield of 2.8%.

Algert Global LLC lifted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 9.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 190,710 shares of the bank's stock after acquiring an additional 17,200 shares during the period. Algert Global LLC owned approximately 0.42% of OFG Bancorp worth $7,632,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Point72 Asset Management L.P. acquired a new stake in shares of OFG Bancorp in the fourth quarter worth $172,000. Bridgefront Capital LLC purchased a new position in shares of OFG Bancorp during the 4th quarter valued at approximately $221,000. Bank of Montreal Can raised its stake in OFG Bancorp by 9.0% in the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after purchasing an additional 438 shares during the last quarter. Oxford Asset Management LLP acquired a new position in OFG Bancorp in the 4th quarter valued at $225,000. Finally, Caxton Associates LP acquired a new stake in shares of OFG Bancorp in the 4th quarter worth $225,000. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Trading Down 0.1%

OFG Bancorp stock traded down $0.0430 during midday trading on Wednesday, reaching $42.9570. 178,067 shares of the stock traded hands, compared to its average volume of 229,547. The company has a 50-day simple moving average of $43.09 and a two-hundred day simple moving average of $41.28. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The firm has a market cap of $1.91 billion, a PE ratio of 10.13 and a beta of 0.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34.

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 analysts' consensus estimates of $1.05 by $0.10. The company had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.OFG Bancorp's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the business posted $1.08 EPS. Research 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 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. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 28.30%.

Analysts Set New Price Targets

A number of brokerages have issued reports on OFG. Hovde Group cut their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Wall Street Zen raised 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 OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company increased their price target on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.