OFG Bancorp $OFG Shares Acquired by Jacobs Asset Management LLC

Jacobs Asset Management LLC increased its position in OFG Bancorp (NYSE:OFG) by 13.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 90,000 shares of the bank’s stock after buying an additional 10,670 shares during the quarter. OFG Bancorp comprises about 2.2% of Jacobs Asset Management LLC’s investment portfolio, making the stock its 17th biggest position. Jacobs Asset Management LLC’s holdings in OFG Bancorp were worth $3,641,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in OFG Bancorp in the third quarter valued at $35,000. EverSource Wealth Advisors LLC increased its stake in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp in the 2nd quarter worth about $97,000. Quantbot Technologies LP purchased a new position in shares of OFG Bancorp in the 2nd quarter worth about $162,000. Finally, Arcus Capital Partners LLC purchased a new position in shares of OFG Bancorp in the 1st quarter worth about $206,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OFG shares. Truist Financial boosted their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday. Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $54.00.

OFG Bancorp Trading Down 0.3%

NYSE:OFG opened at $52.27 on Friday. The business’s 50-day moving average is $47.96 and its two-hundred day moving average is $43.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $53.20. The firm has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.32 million for the quarter, compared to analysts’ expectations of $182.64 million. During the same quarter in the previous year, the firm posted $1.15 earnings per share. Research analysts predict that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

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.