Los Angeles Capital Management LLC Purchases 4,124 Shares of OFG Bancorp (NYSE:OFG)

Los Angeles Capital Management LLC raised its position in shares of OFG Bancorp (NYSE:OFG) by 26.1% during the 3rd quarter, Holdings Channel reports. The fund owned 19,931 shares of the bank’s stock after purchasing an additional 4,124 shares during the period. Los Angeles Capital Management LLC’s holdings in OFG Bancorp were worth $895,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OFG. Janney Montgomery Scott LLC bought a new position in OFG Bancorp during the first quarter valued at $649,000. Russell Investments Group Ltd. increased its stake in OFG Bancorp by 6.1% during the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock worth $8,927,000 after acquiring an additional 13,869 shares during the last quarter. ProShare Advisors LLC raised its position in OFG Bancorp by 7.4% during the first quarter. ProShare Advisors LLC now owns 9,328 shares of the bank’s stock valued at $343,000 after purchasing an additional 641 shares during the period. Vanguard Group Inc. boosted its holdings in shares of OFG Bancorp by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after purchasing an additional 63,883 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its position in shares of OFG Bancorp by 23.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock valued at $338,000 after purchasing an additional 1,765 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Down 0.7 %

Shares of OFG opened at $43.78 on Friday. The firm has a fifty day moving average price of $42.88 and a 200-day moving average price of $40.99. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $2.01 billion, a P/E ratio of 10.65 and a beta of 1.00. OFG Bancorp has a 12-month low of $32.96 and a 12-month high of $47.57.

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

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.28%. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp declared that its board has initiated 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 reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

OFG has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Piper Sandler decreased 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. Finally, Hovde Group boosted 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.

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.