Easterly Investment Partners LLC Has $730,000 Stock Holdings in OFG Bancorp (NYSE:OFG)

Easterly Investment Partners LLC raised its holdings in OFG Bancorp (NYSE:OFG) by 17.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,259 shares of the bank’s stock after buying an additional 2,472 shares during the quarter. Easterly Investment Partners LLC’s holdings in OFG Bancorp were worth $730,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. New Millennium Group LLC acquired a new stake in shares of OFG Bancorp in the second quarter worth $30,000. Blue Trust Inc. raised its stake in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,070 shares during the last quarter. CWM LLC boosted its holdings in OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares during the period. Quarry LP grew its position in OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after purchasing an additional 996 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OFG has been the subject of several research reports. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Hovde Group boosted their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler reduced their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Stock Up 0.8 %

NYSE OFG opened at $44.35 on Friday. OFG Bancorp has a 1-year low of $30.53 and a 1-year high of $47.57. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 10.79 and a beta of 1.00. The stock’s 50 day moving average is $42.92 and its two-hundred day moving average is $40.71. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same period in the prior year, the firm earned $0.95 EPS. OFG Bancorp’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is currently 24.33%.

OFG Bancorp declared that its board has approved a share buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.