Healthcare of Ontario Pension Plan Trust Fund Purchases New Holdings in OFG Bancorp (NYSE:OFG)

Healthcare of Ontario Pension Plan Trust Fund bought a new position in OFG Bancorp (NYSE:OFG - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,900 shares of the bank's stock, valued at approximately $984,000.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OFG shares. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an "overweight" rating in a research report on Tuesday. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

Shares of NYSE:OFG traded down $0.39 during trading on Tuesday, hitting $45.12. 203,604 shares of the company's stock were exchanged, compared to its average volume of 241,087. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 10.98 and a beta of 1.02. 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 has a 52-week low of $33.19 and a 52-week high of $47.66. The business's 50-day simple moving average is $43.11 and its 200 day simple moving average is $41.62.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data 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 net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million for the quarter, compared to analysts' expectations of $178.25 million. During the same quarter in the previous year, the business earned $0.95 EPS. The company's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. 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 2.22%. OFG Bancorp's payout ratio is currently 24.33%.

OFG Bancorp declared that its Board of Directors has approved a share buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

About OFG Bancorp

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.