Renaissance Technologies LLC Boosts Stock Position in OFG Bancorp (NYSE:OFG)

Renaissance Technologies LLC increased its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 61.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 84,600 shares of the bank's stock after purchasing an additional 32,300 shares during the quarter. Renaissance Technologies LLC owned 0.18% of OFG Bancorp worth $3,580,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Bank of Montreal Can lifted its holdings in shares of OFG Bancorp by 9.0% during the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after purchasing an additional 438 shares during the period. Cerity Partners LLC lifted its holdings in shares of OFG Bancorp by 98.8% during the fourth quarter. Cerity Partners LLC now owns 9,602 shares of the bank's stock worth $411,000 after purchasing an additional 4,772 shares during the period. Federated Hermes Inc. lifted its holdings in shares of OFG Bancorp by 2.0% during the fourth quarter. Federated Hermes Inc. now owns 147,369 shares of the bank's stock worth $6,237,000 after purchasing an additional 2,928 shares during the period. Russell Investments Group Ltd. raised its position in OFG Bancorp by 1.7% in the fourth quarter. Russell Investments Group Ltd. now owns 259,232 shares of the bank's stock worth $10,971,000 after acquiring an additional 4,353 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in OFG Bancorp by 14.1% in the fourth quarter. Wells Fargo & Company MN now owns 57,540 shares of the bank's stock worth $2,435,000 after acquiring an additional 7,106 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on OFG. 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 research report on Thursday. Wells Fargo & Company cut OFG Bancorp from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th. Piper Sandler cut their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Keefe, Bruyette & Woods cut their price objective on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Thursday.

OFG Bancorp Price Performance

Shares of OFG stock traded up $1.00 during mid-day trading on Monday, reaching $39.01. The stock had a trading volume of 390,138 shares, compared to its average volume of 300,983. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The company has a market cap of $1.77 billion, a P/E ratio of 9.24 and a beta of 0.74. The business has a 50-day simple moving average of $38.88 and a 200 day simple moving average of $41.59. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The firm had revenue of $178.30 million during the quarter, compared to analysts' expectations of $175.35 million. During the same quarter in the prior year, the business earned $1.05 EPS. On average, sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's dividend payout ratio (DPR) is currently 28.78%.

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.