Millennium Management LLC Buys 225,472 Shares of OFG Bancorp $OFG

Key Points

• Millennium Management LLC increased its stake in OFG Bancorp by 73.1%, owning approximately 534,039 shares worth $21.37 million as of the first quarter.
• OFG Bancorp reported $1.15 earnings per share for the quarter, surpassing estimates and showing a 1.6% revenue increase year-over-year.
• The company declared a $0.30 quarterly dividend, representing an annualized yield of 2.7%, with the ex-dividend date set for September 30th.

Millennium Management LLC lifted its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 73.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 534,039 shares of the bank's stock after acquiring an additional 225,472 shares during the period. Millennium Management LLC owned approximately 1.19% of OFG Bancorp worth $21,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. SummerHaven Investment Management LLC raised its stake in shares of OFG Bancorp by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock valued at $821,000 after acquiring an additional 337 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after purchasing an additional 552 shares during the period. Alps Advisors Inc. grew its holdings in shares of OFG Bancorp by 8.8% during the first quarter. Alps Advisors Inc. now owns 8,799 shares of the bank's stock valued at $352,000 after buying an additional 709 shares during the last quarter. Cynosure Group LLC grew its holdings in shares of OFG Bancorp by 20.0% during the first quarter. Cynosure Group LLC now owns 8,242 shares of the bank's stock valued at $330,000 after buying an additional 1,376 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its holdings in shares of OFG Bancorp by 2.7% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 53,033 shares of the bank's stock valued at $2,122,000 after buying an additional 1,408 shares during the last quarter. Institutional investors own 92.73% of the company's stock.

OFG Bancorp Trading Up 2.7%

Shares of OFG Bancorp stock traded up $1.17 during trading on Thursday, reaching $44.86. The company's stock had a trading volume of 216,851 shares, compared to its average volume of 182,016. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 10.58 and a beta of 0.81. The firm's 50-day moving average is $43.73 and its two-hundred day moving average is $41.55. 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 posted its quarterly 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. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The company had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. During the same period in the prior year, the business posted $1.08 EPS. The firm's revenue was up 1.6% compared to the same quarter last year. On average, sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company 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 dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is 28.30%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. 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 report on Friday, July 18th. Finally, 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 report on Thursday, July 10th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp 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.