Smith Shellnut Wilson LLC ADV Takes $209,000 Position in OFG Bancorp $OFG

Smith Shellnut Wilson LLC ADV bought a new stake in shares of OFG Bancorp (NYSE:OFG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,872 shares of the bank’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of OFG Bancorp by 42.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank’s stock worth $909,000 after buying an additional 6,814 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of OFG Bancorp by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank’s stock worth $1,505,000 after buying an additional 3,702 shares during the period. Hsbc Holdings PLC boosted its position in shares of OFG Bancorp by 76.3% during the first quarter. Hsbc Holdings PLC now owns 27,083 shares of the bank’s stock worth $1,083,000 after buying an additional 11,725 shares during the period. Principal Financial Group Inc. boosted its position in shares of OFG Bancorp by 3.2% during the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank’s stock worth $10,398,000 after buying an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of OFG Bancorp during the first quarter worth approximately $1,240,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price objective on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Wells Fargo & Company cut their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Zacks Research upgraded OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Finally, Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.17.

OFG Bancorp Stock Performance

OFG opened at $38.68 on Friday. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 8.79 and a beta of 0.80. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.87. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The business has a 50 day moving average price of $42.88 and a two-hundred day moving average price of $42.28.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting analysts’ consensus estimates of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The company had revenue of $184.00 million during the quarter, compared to the consensus estimate of $186.71 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. Research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

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.