Dynamic Technology Lab Private Ltd Acquires New Holdings in OFG Bancorp (NYSE:OFG)

Dynamic Technology Lab Private Ltd acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 20,359 shares of the bank's stock, valued at approximately $915,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raffles Associates LP raised its holdings in OFG Bancorp by 9.3% during the second quarter. Raffles Associates LP now owns 141,067 shares of the bank's stock worth $5,283,000 after purchasing an additional 12,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of OFG Bancorp by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank's stock worth $5,629,000 after acquiring an additional 30,814 shares during the last quarter. Foundry Partners LLC purchased a new position in shares of OFG Bancorp during the third quarter worth approximately $6,038,000. Janney Montgomery Scott LLC purchased a new position in shares of OFG Bancorp during the third quarter worth approximately $759,000. Finally, Algert Global LLC grew its position in shares of OFG Bancorp by 14.0% during the second quarter. Algert Global LLC now owns 161,684 shares of the bank's stock worth $6,055,000 after acquiring an additional 19,838 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Stock Performance

NYSE OFG traded down $0.13 on Thursday, hitting $45.99. 190,786 shares of the company's stock were exchanged, compared to its average volume of 241,147. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 11.19 and a beta of 1.00. The firm's 50-day moving average price is $43.06 and its two-hundred day moving average price is $41.43. OFG Bancorp has a fifty-two week low of $32.96 and a fifty-two week high of $47.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same period last year, the company earned $0.95 earnings per share. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts expect that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its board has authorized a share repurchase program on Monday, October 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.17%. OFG Bancorp's payout ratio is 24.33%.

OFG Bancorp Profile

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.