Los Angeles Capital Management LLC Has $885,000 Position in OFG Bancorp $OFG

Los Angeles Capital Management LLC boosted its stake in shares of OFG Bancorp (NYSE:OFG) by 7.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,677 shares of the bank’s stock after purchasing an additional 1,476 shares during the period. Los Angeles Capital Management LLC’s holdings in OFG Bancorp were worth $885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in shares of OFG Bancorp during the 2nd quarter valued at $582,000. Bank of New York Mellon Corp boosted its position in OFG Bancorp by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 431,037 shares of the bank’s stock valued at $18,448,000 after purchasing an additional 4,645 shares during the last quarter. Burney Co. acquired a new stake in OFG Bancorp during the second quarter valued at $10,236,000. Smith Shellnut Wilson LLC ADV purchased a new position in OFG Bancorp in the second quarter valued at about $209,000. Finally, Versor Investments LP acquired a new position in OFG Bancorp in the 2nd quarter worth about $1,122,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the sale, the director owned 27,543 shares in the company, valued at $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the transaction, the chief executive officer owned 184,675 shares in the company, valued at $7,562,441.25. This trade represents a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 55,000 shares of company stock valued at $2,247,747. Company insiders own 3.11% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $40.67 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock’s fifty day simple moving average is $42.06 and its 200 day simple moving average is $42.48. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The company has a market capitalization of $1.79 billion, a PE ratio of 9.24 and a beta of 0.84.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $186.71 million. During the same quarter in the prior year, the company earned $1.00 EPS. The company’s revenue was up 5.7% on a year-over-year basis. On average, research analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, December 31st. OFG Bancorp’s payout ratio is currently 27.27%.

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.