XTX Topco Ltd Acquires New Position in OFG Bancorp (NYSE:OFG)

Key Points

• XTX Topco Ltd has acquired a new stake in OFG Bancorp, purchasing 9,888 shares valued at approximately $396,000 during the first quarter.
• Analysts have recently upgraded their ratings on OFG Bancorp, with an average target price now at $47.50 and a consensus rating of "Moderate Buy."
• The bank reported a quarterly earnings per share of $1.15, exceeding estimates, and a 2.9% dividend yield has been announced for investors.

XTX Topco Ltd purchased a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,888 shares of the bank's stock, valued at approximately $396,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in OFG Bancorp in the 4th quarter valued at about $7,289,000. Bridgeway Capital Management LLC acquired a new position in shares of OFG Bancorp in the fourth quarter worth $5,205,000. Tudor Investment Corp ET AL grew its stake in shares of OFG Bancorp by 139.1% during the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock worth $7,470,000 after purchasing an additional 102,680 shares in the last quarter. Voloridge Investment Management LLC lifted its position in OFG Bancorp by 138.8% in the fourth quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock valued at $6,336,000 after acquiring an additional 87,024 shares during the last quarter. Finally, Vest Financial LLC purchased a new stake in shares of OFG Bancorp in the first quarter valued at about $3,093,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Up 0.8%

NYSE OFG traded up $0.34 during trading on Wednesday, reaching $43.48. The company's stock had a trading volume of 45,797 shares, compared to its average volume of 333,036. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1.94 billion, a PE ratio of 10.25 and a beta of 0.77. The business has a 50-day moving average price of $42.91 and a 200-day moving average price of $41.27. 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 posted its 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. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same quarter in the prior year, the firm earned $1.08 EPS. The firm's quarterly revenue was up 1.6% compared to the same quarter last year. On average, research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's payout ratio is presently 28.30%.

Wall Street Analyst Weigh In

OFG has been the topic of several recent analyst reports. Piper Sandler lowered their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Keefe, Bruyette & Woods raised their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. 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 report on Thursday, July 10th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Hovde Group cut their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.