Intech Investment Management LLC Increases Stock Holdings in OFG Bancorp $OFG

Intech Investment Management LLC lifted its position in OFG Bancorp (NYSE:OFG) by 109.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 148,046 shares of the bank’s stock after buying an additional 77,223 shares during the quarter. Intech Investment Management LLC owned approximately 0.34% of OFG Bancorp worth $6,067,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. New Age Alpha Advisors LLC lifted its holdings in shares of OFG Bancorp by 19.4% in the fourth quarter. New Age Alpha Advisors LLC now owns 43,302 shares of the bank’s stock worth $1,775,000 after buying an additional 7,047 shares in the last quarter. MQS Management LLC bought a new position in shares of OFG Bancorp in the fourth quarter worth approximately $342,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of OFG Bancorp by 5.2% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 34,687 shares of the bank’s stock worth $1,421,000 after purchasing an additional 1,700 shares during the last quarter. Strs Ohio increased its position in shares of OFG Bancorp by 8.8% in the fourth quarter. Strs Ohio now owns 11,100 shares of the bank’s stock worth $455,000 after purchasing an additional 900 shares during the last quarter. Finally, Horizon Investments LLC increased its position in shares of OFG Bancorp by 16.6% in the fourth quarter. Horizon Investments LLC now owns 14,767 shares of the bank’s stock worth $605,000 after purchasing an additional 2,098 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

OFG Bancorp Stock Down 0.6%

Shares of OFG Bancorp stock opened at $45.57 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $46.85. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 9.42 and a beta of 0.72. The company’s 50 day moving average price is $43.42 and its 200-day moving average price is $41.70.

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

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors 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 dividend on an annualized basis and a yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is presently 28.93%.

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.