OFG Bancorp $OFG Shares Purchased by Vest Financial LLC

Vest Financial LLC grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 26.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 97,744 shares of the bank’s stock after purchasing an additional 20,466 shares during the period. Vest Financial LLC owned approximately 0.22% of OFG Bancorp worth $4,183,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP increased its position in OFG Bancorp by 458.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the bank’s stock worth $107,000 after purchasing an additional 2,189 shares during the period. Vident Advisory LLC purchased a new stake in shares of OFG Bancorp during the 1st quarter worth approximately $210,000. Noesis Capital Mangement Corp purchased a new stake in shares of OFG Bancorp during the 1st quarter worth approximately $280,000. US Bancorp DE boosted its stake in shares of OFG Bancorp by 156.9% during the 1st quarter. US Bancorp DE now owns 7,827 shares of the bank’s stock worth $313,000 after acquiring an additional 4,780 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of OFG Bancorp during the 1st quarter worth approximately $328,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Up 1.9%

Shares of OFG Bancorp stock opened at $42.23 on Tuesday. The business has a 50-day moving average of $43.58 and a 200-day moving average of $41.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $1.88 billion, a PE ratio of 9.96 and a beta of 0.80. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $182.20 million for the quarter, compared to analysts’ expectations of $181.50 million. During the same quarter last year, the company posted $1.08 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.30%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, July 18th. Truist Financial assumed coverage on OFG Bancorp in a research note on Thursday, October 9th. They set a “buy” rating and a $50.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Wednesday, October 8th. UBS Group set a $50.00 price target on OFG Bancorp in a research note on Thursday. Finally, Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, OFG Bancorp currently has an average rating of “Moderate Buy” and an average price target of $48.33.

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.