Janney Montgomery Scott LLC Invests $759,000 in OFG Bancorp (NYSE:OFG)

Janney Montgomery Scott LLC acquired a new stake in shares of OFG Bancorp (NYSE:OFG - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,902 shares of the bank's stock, valued at approximately $759,000.

A number of other institutional investors and hedge funds have also bought and sold shares of OFG. Russell Investments Group Ltd. boosted its stake in shares of OFG Bancorp by 6.1% in the 1st quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank's stock worth $8,927,000 after buying an additional 13,869 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of OFG Bancorp by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 9,328 shares of the bank's stock worth $343,000 after purchasing an additional 641 shares in the last quarter. Vanguard Group Inc. lifted its position in OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank's stock valued at $217,433,000 after purchasing an additional 63,883 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in OFG Bancorp by 23.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank's stock worth $338,000 after buying an additional 1,765 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of OFG Bancorp by 4.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 54,096 shares of the bank's stock worth $1,989,000 after buying an additional 2,079 shares during the period. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Price Performance

OFG traded down $0.31 during trading on Monday, hitting $43.46. 205,202 shares of the company traded hands, compared to its average volume of 241,383. The company has a market cap of $1.99 billion, a PE ratio of 10.65 and a beta of 1.00. OFG Bancorp has a 1 year low of $32.96 and a 1 year high of $47.57. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock's 50-day simple moving average is $42.88 and its two-hundred day simple moving average is $41.05.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same period last year, the firm posted $0.95 earnings per share. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp declared that its Board of Directors has approved a share repurchase program on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The firm also recently declared 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. This represents a $1.00 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is presently 24.33%.

Analyst Ratings Changes

OFG has been the subject of several analyst reports. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an "overweight" rating in a report on Monday, July 22nd. Piper Sandler lowered 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. Finally, Hovde Group upped their target price on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 22nd.

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.