XTX Topco Ltd Buys New Holdings 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 acquired a new stake in shares of OFG Bancorp (NYSE:OFG - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 9,888 shares of the bank's stock, valued at approximately $396,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in OFG Bancorp in the 4th quarter worth about $7,289,000. Bridgeway Capital Management LLC bought a new position in OFG Bancorp in the 4th quarter worth about $5,205,000. Tudor Investment Corp ET AL increased its stake in OFG Bancorp by 139.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock worth $7,470,000 after acquiring an additional 102,680 shares during the last quarter. Voloridge Investment Management LLC increased its stake in OFG Bancorp by 138.8% in the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock worth $6,336,000 after acquiring an additional 87,024 shares during the last quarter. Finally, Vest Financial LLC bought a new position in OFG Bancorp in the 1st quarter worth about $3,093,000. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OFG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Piper Sandler decreased their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Hovde Group cut their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, Wells Fargo & Company upped their price objective on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Price Performance

Shares of OFG traded down $0.11 during midday trading on Friday, reaching $41.73. The stock had a trading volume of 151,300 shares, compared to its average volume of 235,909. The company's 50-day moving average is $42.86 and its 200 day moving average is $41.26. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. 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 company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 9.84 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 EPS. On average, equities analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The business 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. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 annualized dividend and a yield of 2.9%. OFG Bancorp's dividend payout ratio is currently 28.30%.

About OFG Bancorp

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.