Foundry Partners LLC Acquires Shares of 134,423 OFG Bancorp (NYSE:OFG)

Foundry Partners LLC bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 SEC filing.

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

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their price objective on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th.

OFG Bancorp Trading Up 2.2 %

OFG Bancorp stock traded up $0.97 during mid-day trading on Thursday, hitting $44.41. The company's stock had a trading volume of 211,701 shares, compared to its average volume of 240,754. The business has a 50 day moving average price of $42.89 and a 200-day moving average price of $41.15. OFG Bancorp has a 12 month low of $32.96 and a 12 month high of $47.57. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 10.58 and a beta of 1.00. 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 released its 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). The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company's revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $0.95 EPS. As a group, analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. OFG Bancorp's dividend payout ratio is currently 24.33%.

OFG Bancorp declared that its board has initiated a share repurchase plan 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 plans are typically a sign that the company's management believes its shares are undervalued.

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.