Intech Investment Management LLC Purchases 51,798 Shares of OFG Bancorp (NYSE:OFG)

Intech Investment Management LLC grew its position in OFG Bancorp (NYSE:OFG - Free Report) by 411.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,391 shares of the bank's stock after purchasing an additional 51,798 shares during the quarter. Intech Investment Management LLC owned approximately 0.14% of OFG Bancorp worth $2,892,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective 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 Stock Performance

OFG Bancorp stock traded up $1.11 on Friday, reaching $45.52. 238,711 shares of the stock were exchanged, compared to its average volume of 316,484. The firm has a fifty day moving average price of $42.95 and a two-hundred day moving average price of $41.28. The stock has a market cap of $2.09 billion, a PE ratio of 11.08 and a beta of 1.00. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a twelve month low of $32.96 and a twelve month high of $47.57.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 EPS 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 business had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same period in the prior year, the firm posted $0.95 EPS. OFG Bancorp's revenue for the quarter was up 1.1% compared to the same quarter last year. Sell-side analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.20%. OFG Bancorp's dividend payout ratio is presently 24.33%.

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.