Los Angeles Capital Management LLC Purchases 3,781 Shares of OFG Bancorp (NYSE:OFG)

Los Angeles Capital Management LLC lifted its position in OFG Bancorp (NYSE:OFG) by 31.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,807 shares of the bank’s stock after buying an additional 3,781 shares during the period. Los Angeles Capital Management LLC’s holdings in OFG Bancorp were worth $592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of OFG. Capstone Investment Advisors LLC purchased a new position in OFG Bancorp in the first quarter worth about $844,000. Janney Montgomery Scott LLC purchased a new position in shares of OFG Bancorp in the first quarter worth approximately $649,000. BNP Paribas Financial Markets grew its position in OFG Bancorp by 172.3% during the first quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock valued at $1,342,000 after buying an additional 23,075 shares during the period. Russell Investments Group Ltd. increased its holdings in OFG Bancorp by 6.1% during the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock valued at $8,927,000 after buying an additional 13,869 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in OFG Bancorp by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after buying an additional 30,814 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $43.86 on Friday. The stock has a market cap of $2.04 billion, a PE ratio of 11.22 and a beta of 0.99. OFG Bancorp has a 1 year low of $28.18 and a 1 year high of $47.57. The firm has a fifty day moving average price of $43.23 and a 200-day moving average price of $38.79. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The business had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. Equities analysts anticipate that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.28%. OFG Bancorp’s payout ratio is 25.58%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OFG. Piper Sandler began coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company. Wells Fargo & Company lifted their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, Hovde Group upped their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction on 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 transaction, the director now 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 Securities & Exchange Commission, which is available through this link. Insiders own 3.11% of the company’s stock.

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.