LSV Asset Management Reduces Position in OFG Bancorp $OFG

LSV Asset Management cut its holdings in shares of OFG Bancorp (NYSE:OFG) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,310,424 shares of the bank’s stock after selling 39,600 shares during the period. LSV Asset Management’s holdings in OFG Bancorp were worth $53,701,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Royal Bank of Canada lifted its holdings in OFG Bancorp by 8.8% in the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after acquiring an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after acquiring an additional 552 shares during the period. Quantbot Technologies LP bought a new position in OFG Bancorp in the second quarter valued at about $162,000. Arrowstreet Capital Limited Partnership lifted its holdings in OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after acquiring an additional 31,816 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.0%

NYSE OFG opened at $45.06 on Monday. The stock’s 50-day moving average price is $42.78 and its 200-day moving average price is $41.52. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $46.85. The company has a market capitalization of $1.90 billion, a P/E ratio of 9.31 and a beta of 0.72.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million for the quarter. On average, equities research analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp declared that its board has approved a stock repurchase program on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 12% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is 28.93%.

Analysts Set New Price Targets

A number of research firms have weighed in on OFG. Wells Fargo & Company increased their target price on OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, April 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Truist Financial increased their target price on OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Piper Sandler reissued a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.20.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.