Russell Investments Group Ltd. Has $9.54 Million Stock Holdings in OFG Bancorp $OFG

Key Points

• Russell Investments Group Ltd. decreased its position in OFG Bancorp by 8.1%, owning 238,302 shares worth approximately $9.5 million after selling 20,930 shares in the first quarter.
• OFG Bancorp reported an earnings per share of $1.15 for the last quarter, exceeding the consensus estimate of $1.05, while revenue increased by 1.6% year-on-year.
• The company declared a quarterly dividend of $0.30, representing an annualized yield of 2.8%, with the payout ratio at 28.30%.

Russell Investments Group Ltd. decreased its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 8.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 238,302 shares of the bank's stock after selling 20,930 shares during the quarter. Russell Investments Group Ltd. owned 0.52% of OFG Bancorp worth $9,537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of OFG Bancorp by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank's stock valued at $67,561,000 after buying an additional 35,960 shares in the last quarter. Nuveen Asset Management LLC boosted its position in OFG Bancorp by 0.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock valued at $50,267,000 after purchasing an additional 9,658 shares during the last quarter. Nuveen LLC acquired a new stake in OFG Bancorp during the first quarter valued at $44,749,000. Northern Trust Corp boosted its position in OFG Bancorp by 8.0% during the fourth quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock valued at $27,544,000 after purchasing an additional 48,442 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in OFG Bancorp by 6.3% during the fourth quarter. Janus Henderson Group PLC now owns 634,817 shares of the bank's stock valued at $26,866,000 after purchasing an additional 37,653 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Stock Up 4.7%

Shares of NYSE:OFG traded up $2.0290 on Friday, reaching $44.7790. The company had a trading volume of 252,220 shares, compared to its average volume of 225,929. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The stock has a 50-day moving average price of $43.19 and a 200 day moving average price of $41.26. The stock has a market capitalization of $1.99 billion, a P/E 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, topping analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The business's quarterly revenue was up 1.6% compared to the same quarter last year. On average, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp's payout ratio is currently 28.30%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective 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. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.