Foundry Partners LLC Takes Position in OFG Bancorp (NYSE:OFG)

Foundry Partners LLC bought a new stake in OFG Bancorp (NYSE:OFG - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 134,423 shares of the bank's stock, valued at approximately $6,038,000. Foundry Partners LLC owned approximately 0.29% of OFG Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New Millennium Group LLC bought a new position in OFG Bancorp in the second quarter valued at approximately $30,000. Blue Trust Inc. boosted its position in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock worth $50,000 after acquiring an additional 1,070 shares in the last quarter. CWM LLC lifted its position in shares of OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank's stock worth $70,000 after buying an additional 1,112 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock valued at $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Quarry LP grew its position in OFG Bancorp by 98.7% during the 2nd quarter. Quarry LP now owns 2,005 shares of the bank's stock worth $75,000 after acquiring an additional 996 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

Shares of OFG opened at $43.47 on Thursday. OFG Bancorp has a 52-week low of $32.96 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 10.58 and a beta of 1.00. The stock's 50-day simple moving average is $42.89 and its 200 day simple moving average is $41.15.

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 the consensus estimate of $1.02 by ($0.02). The business had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. Research analysts forecast that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp announced that its board has approved a share buyback plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.30%. OFG Bancorp's payout ratio is currently 24.33%.

Analysts Set New Price Targets

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

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.

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