JPMorgan Chase & Co. Grows Position in OFG Bancorp (NYSE:OFG)

JPMorgan Chase & Co. raised its stake in OFG Bancorp (NYSE:OFG - Free Report) by 5.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 894,049 shares of the bank's stock after acquiring an additional 42,335 shares during the period. JPMorgan Chase & Co. owned 1.95% of OFG Bancorp worth $37,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank's stock valued at $98,354,000 after purchasing an additional 19,372 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in OFG Bancorp by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank's stock valued at $69,922,000 after buying an additional 14,618 shares during the last quarter. KBC Group NV boosted its holdings in shares of OFG Bancorp by 39.7% in the fourth quarter. KBC Group NV now owns 2,620 shares of the bank's stock valued at $111,000 after acquiring an additional 745 shares during the period. GAMMA Investing LLC grew its position in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after acquiring an additional 263 shares during the last quarter. Finally, Barclays PLC grew its position in shares of OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank's stock worth $4,314,000 after acquiring an additional 43,738 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock traded down $0.20 during trading hours on Friday, hitting $34.89. 263,605 shares of the company were exchanged, compared to its average volume of 295,228. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average of $40.30 and a 200-day moving average of $42.12. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 8.27 and a beta of 0.74.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.44%. This is an increase from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's dividend payout ratio (DPR) is presently 28.44%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company cut shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $48.00 to $42.00 in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, January 23rd.

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.