Voya Investment Management LLC Increases Stock Holdings in OFG Bancorp $OFG

Key Points

• Voya Investment Management LLC increased its holding in OFG Bancorp by 40.2%, acquiring 16,134 shares, bringing its total ownership to roughly 56,240 shares valued at approximately $2.25 million.
• Several institutional investors, including Charles Schwab and American Century Companies, also expanded their positions in OFG Bancorp, indicating strong institutional interest as they collectively own 92.73% of the company's stock.
• OFG Bancorp declared a quarterly dividend of $0.30, set to be paid on October 15th, representing an annualized dividend of $1.20 and a yield of 2.7%.

Voya Investment Management LLC increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 40.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 56,240 shares of the bank's stock after buying an additional 16,134 shares during the period. Voya Investment Management LLC owned about 0.13% of OFG Bancorp worth $2,251,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of OFG Bancorp during the 1st quarter worth $44,749,000. Millennium Management LLC boosted its position in shares of OFG Bancorp by 73.1% during the 1st quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock worth $21,372,000 after acquiring an additional 225,472 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of OFG Bancorp in the 4th quarter valued at about $7,289,000. American Century Companies Inc. raised its position in shares of OFG Bancorp by 8.8% during the 1st quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock worth $50,850,000 after acquiring an additional 102,755 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its stake in OFG Bancorp by 81.8% during the first quarter. Bridgeway Capital Management LLC now owns 223,629 shares of the bank's stock worth $8,950,000 after purchasing an additional 100,644 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OFG has been the topic of a number of research analyst reports. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company boosted their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded up $0.16 during mid-day trading on Monday, hitting $44.44. 396,758 shares of the company were exchanged, compared to its average volume of 224,549. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $43.72 and a 200-day simple moving average of $41.58. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 10.48 and a beta of 0.81.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share 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 the consensus estimate of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned $1.08 earnings per share. On average, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently disclosed 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 is Tuesday, September 30th. This represents a $1.20 annualized dividend and a yield of 2.7%. OFG Bancorp's dividend payout ratio is presently 28.30%.

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.