Intech Investment Management LLC Purchases 77,223 Shares of OFG Bancorp $OFG

Intech Investment Management LLC lifted its position in OFG Bancorp (NYSE:OFG) by 109.0% in the 4th quarter, Holdings Channel reports. The fund owned 148,046 shares of the bank’s stock after acquiring an additional 77,223 shares during the quarter. Intech Investment Management LLC’s holdings in OFG Bancorp were worth $6,067,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OFG. Qube Research & Technologies Ltd lifted its position in OFG Bancorp by 31.6% during the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after buying an additional 133,046 shares during the period. First Trust Advisors LP lifted its position in OFG Bancorp by 6.5% during the third quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock valued at $81,566,000 after buying an additional 113,868 shares during the period. American Century Companies Inc. lifted its position in OFG Bancorp by 8.1% during the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after buying an additional 108,635 shares during the period. Thrivent Financial for Lutherans purchased a new position in OFG Bancorp during the third quarter valued at $4,272,000. Finally, Jane Street Group LLC lifted its position in OFG Bancorp by 518.1% during the second quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock valued at $4,683,000 after buying an additional 91,723 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

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

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $45.57 on Friday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $46.85. The business has a 50-day simple moving average of $43.42 and a two-hundred day simple moving average of $41.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 9.42 and a beta of 0.72.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. The business had revenue of $185.80 million during the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. On average, analysts expect that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, June 30th. OFG Bancorp’s payout ratio is currently 28.93%.

OFG Bancorp 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.