Jacobs Asset Management LLC Cuts Stake in OFG Bancorp $OFG

Key Points

• Jacobs Asset Management LLC reduced its holdings in OFG Bancorp by 20.7% during the 1st quarter, owning 79,330 shares after selling 20,670 shares, which represents about 2.0% of its total assets.
• OFG Bancorp recently reported $1.15 earnings per share for the last quarter, exceeding analyst expectations of $1.05, with revenues of $182.20 million.
• The company declared a quarterly dividend of $0.30 per share, with a payout ratio of 28.30%, scheduled for payment on October 15th.

Jacobs Asset Management LLC trimmed its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 20.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,330 shares of the bank's stock after selling 20,670 shares during the quarter. OFG Bancorp accounts for approximately 2.0% of Jacobs Asset Management LLC's portfolio, making the stock its 19th largest holding. Jacobs Asset Management LLC owned about 0.17% of OFG Bancorp worth $3,175,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new position in OFG Bancorp during the 4th quarter worth $172,000. Bridgefront Capital LLC purchased a new position in OFG Bancorp during the 4th quarter worth $221,000. Oxford Asset Management LLP purchased a new position in OFG Bancorp during the 4th quarter worth $225,000. Caxton Associates LP purchased a new position in shares of OFG Bancorp in the 4th quarter worth about $225,000. Finally, Noesis Capital Mangement Corp purchased a new position in shares of OFG Bancorp in the 1st quarter worth about $280,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

OFG Bancorp stock traded down $0.01 during midday trading on Friday, reaching $44.76. The stock had a trading volume of 315,630 shares, compared to its average volume of 216,326. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The firm's 50-day moving average price is $43.60 and its 200 day moving average price is $41.32. The firm has a market capitalization of $1.99 billion, a PE ratio of 10.56 and a beta of 0.77. 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 announced 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 period in the prior year, the business posted $1.08 earnings per share. The company's revenue was up 1.6% on a year-over-year basis. As a group, research analysts predict 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. Investors of record on Tuesday, September 30th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is 28.30%.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target 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. 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 report on Friday, July 18th. Finally, Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus price target 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.