Strs Ohio Takes Position in OFG Bancorp $OFG

Key Points

• Strs Ohio has acquired a new position in OFG Bancorp, purchasing 8,200 shares valued at approximately $328,000 during the first quarter of the year.
• Analysts have recently upgraded the stock rating of OFG Bancorp, with the average price target increasing to $47.50 and a consensus rating of "Moderate Buy."
• The company declared a quarterly dividend of $0.30 per share, which will be paid to stockholders on October 15th, representing an annualized yield of 2.7%.

Strs Ohio bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,200 shares of the bank's stock, valued at approximately $328,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Quarry LP grew its position in OFG Bancorp by 458.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the bank's stock worth $107,000 after purchasing an additional 2,189 shares during the period. Vident Advisory LLC purchased a new stake in shares of OFG Bancorp in the first quarter worth about $210,000. Noesis Capital Mangement Corp acquired a new stake in OFG Bancorp during the first quarter worth about $280,000. US Bancorp DE raised its position in OFG Bancorp by 156.9% during the first quarter. US Bancorp DE now owns 7,827 shares of the bank's stock valued at $313,000 after acquiring an additional 4,780 shares in the last quarter. Finally, Cynosure Group LLC lifted its holdings in OFG Bancorp by 20.0% in the first quarter. Cynosure Group LLC now owns 8,242 shares of the bank's stock valued at $330,000 after acquiring an additional 1,376 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Keefe, Bruyette & Woods increased 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, Wells Fargo & Company raised their price target on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Stock Performance

NYSE OFG opened at $44.24 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87. The stock's 50 day simple moving average is $43.73 and its 200-day simple moving average is $41.62. The company has a market cap of $1.97 billion, a PE ratio of 10.43 and a beta of 0.81. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. The firm 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%.The firm's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.08 earnings per share. As a group, equities research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared 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 2.7%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 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.

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