JPMorgan Chase & Co. trimmed its position in shares of OFG Bancorp (NYSE:OFG) by 22.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,053,011 shares of the bank’s stock after selling 297,632 shares during the quarter. JPMorgan Chase & Co. owned about 2.05% of OFG Bancorp worth $17,007,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in OFG. X Square Capital LLC lifted its position in shares of OFG Bancorp by 41.4% during the third quarter. X Square Capital LLC now owns 1,421,770 shares of the bank’s stock valued at $22,962,000 after buying an additional 416,275 shares during the last quarter. LSV Asset Management lifted its position in shares of OFG Bancorp by 17.8% during the third quarter. LSV Asset Management now owns 1,581,206 shares of the bank’s stock valued at $25,536,000 after buying an additional 238,400 shares during the last quarter. BlackRock Inc. lifted its position in shares of OFG Bancorp by 2.1% during the third quarter. BlackRock Inc. now owns 6,301,351 shares of the bank’s stock valued at $101,768,000 after buying an additional 127,739 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of OFG Bancorp by 487.9% during the third quarter. SG Americas Securities LLC now owns 92,873 shares of the bank’s stock valued at $1,500,000 after buying an additional 77,075 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of OFG Bancorp by 259.1% during the second quarter. Millennium Management LLC now owns 104,079 shares of the bank’s stock valued at $1,462,000 after buying an additional 75,095 shares during the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.
Several analysts have commented on the stock. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Friday, January 25th. ValuEngine raised shares of OFG Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, January 2nd. Five research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus target price of $18.00.
OFG stock opened at $19.85 on Tuesday. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 13.06 and a beta of 1.51. OFG Bancorp has a one year low of $10.30 and a one year high of $20.22. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.13.
OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Tuesday, January 22nd. The bank reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.04. The business had revenue of $106.29 million during the quarter, compared to analyst estimates of $98.30 million. OFG Bancorp had a net margin of 19.16% and a return on equity of 10.38%. Analysts predict that OFG Bancorp will post 1.68 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Monday, December 31st were given a $0.07 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, December 28th. OFG Bancorp’s dividend payout ratio (DPR) is presently 18.42%.
In related news, CEO Jose Rafael Fernandez acquired 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 19th. The stock was purchased at an average cost of $15.18 per share, with a total value of $45,540.00. Following the transaction, the chief executive officer now directly owns 160,985 shares of the company’s stock, valued at approximately $2,443,752.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.39% of the company’s stock.
OFG Bancorp Company Profile
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; and financial planning, investment brokerage, corporate and individual trust, and retirement services.
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