Charles Schwab Investment Management Inc. Acquires 1,370 Shares of OFG Bancorp (NYSE:OFG)

Charles Schwab Investment Management Inc. boosted its holdings in OFG Bancorp (NYSE:OFG) by 0.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,637,606 shares of the bank’s stock after purchasing an additional 1,370 shares during the period. Charles Schwab Investment Management Inc.’s holdings in OFG Bancorp were worth $73,561,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

OFG opened at $45.99 on Friday. 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 stock has a market capitalization of $2.11 billion, a PE ratio of 11.19 and a beta of 1.00. The stock’s 50 day moving average price is $43.06 and its 200-day moving average price is $41.43. OFG Bancorp has a 52-week low of $32.96 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data 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 net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp declared that its board has authorized a share repurchase program on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp Company 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.