Point72 Asset Management L.P. Has $270,000 Stake in OFG Bancorp (NYSE:OFG)

Point72 Asset Management L.P. raised its holdings in OFG Bancorp (NYSE:OFG) by 414.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,200 shares of the bank’s stock after acquiring an additional 5,800 shares during the period. Point72 Asset Management L.P.’s holdings in OFG Bancorp were worth $270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OFG. New Millennium Group LLC bought a new stake in shares of OFG Bancorp in the second quarter valued at about $30,000. CWM LLC lifted its holdings in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares in the last quarter. Quarry LP lifted its holdings in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in OFG Bancorp during the second quarter worth about $90,000. Finally, EntryPoint Capital LLC bought a new stake in OFG Bancorp during the first quarter worth about $121,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Up 1.6 %

Shares of OFG opened at $43.06 on Friday. OFG Bancorp has a 52 week low of $28.32 and a 52 week high of $47.57. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 11.01 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average of $43.76 and a 200-day moving average of $39.59.

OFG Bancorp (NYSE:OFG) last announced 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. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $179.40 million during the quarter, compared to analysts’ expectations of $176.09 million. During the same period in the prior year, the company earned $0.93 EPS. OFG Bancorp’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s dividend payout ratio is currently 25.58%.

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.11% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OFG has been the topic of several analyst reports. Wells Fargo & Company upped their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Hovde Group upped their target price 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 started coverage on OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price target on the stock.

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.