OFG Bancorp (NYSE:OFG) Shares Purchased by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 56.7% in the 3rd quarter, Holdings Channel reports. The fund owned 2,559 shares of the bank’s stock after acquiring an additional 926 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in OFG Bancorp were worth $115,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. American Century Companies Inc. boosted its holdings in OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of OFG Bancorp by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after buying an additional 2,757 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of OFG Bancorp by 4.5% in the second quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank’s stock worth $10,093,000 after buying an additional 11,603 shares during the last quarter. FMR LLC raised its holdings in OFG Bancorp by 8.1% in the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after acquiring an additional 15,498 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in OFG Bancorp by 2.1% in the second quarter. Victory Capital Management Inc. now owns 174,203 shares of the bank’s stock valued at $6,524,000 after acquiring an additional 3,596 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Trading Down 0.8 %

OFG Bancorp stock opened at $45.00 on Friday. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The firm’s 50-day moving average is $43.16 and its 200-day moving average is $41.70. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $2.07 billion, a P/E ratio of 10.95 and a beta of 1.02.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OFG. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler cut their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday.

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.