Panagora Asset Management Inc. Buys 11,603 Shares of OFG Bancorp (NYSE:OFG)

Panagora Asset Management Inc. lifted its stake in shares of OFG Bancorp (NYSE:OFG) by 4.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 269,508 shares of the bank’s stock after acquiring an additional 11,603 shares during the period. Panagora Asset Management Inc. owned approximately 0.57% of OFG Bancorp worth $10,093,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in OFG. New Millennium Group LLC bought a new stake in OFG Bancorp in the second quarter worth $30,000. CWM LLC lifted its stake in OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in OFG Bancorp in the second quarter worth $90,000. EntryPoint Capital LLC bought a new stake in OFG Bancorp in the first quarter worth $121,000. Finally, Lazard Asset Management LLC lifted its stake in OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after purchasing an additional 2,804 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OFG shares. Piper Sandler started coverage on shares of OFG Bancorp in a research note on Monday, August 26th. They issued an “overweight” rating and a $49.00 price target for the company. Hovde Group boosted their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, Wells Fargo & Company increased their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $45.94 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average of $41.84 and a 200-day moving average of $38.21. The firm has a market cap of $2.16 billion, a P/E ratio of 11.75 and a beta of 1.00. OFG Bancorp has a 1-year low of $28.18 and a 1-year high of $47.57.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. The company had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. OFG Bancorp’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Monday, September 30th. OFG Bancorp’s payout ratio is currently 25.58%.

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.