Public Employees Retirement System of Ohio Makes New Investment in OFG Bancorp (NYSE:OFG)

Public Employees Retirement System of Ohio bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 28,295 shares of the bank's stock, valued at approximately $1,271,000. Public Employees Retirement System of Ohio owned about 0.06% of OFG Bancorp at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. State Street Corp increased its position in shares of OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank's stock valued at $98,354,000 after buying an additional 19,372 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank's stock worth $36,212,000 after acquiring an additional 136,813 shares in the last quarter. Wellington Management Group LLP raised its position in shares of OFG Bancorp by 2.6% during the third quarter. Wellington Management Group LLP now owns 769,727 shares of the bank's stock worth $34,576,000 after purchasing an additional 19,599 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of OFG Bancorp by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank's stock valued at $19,157,000 after purchasing an additional 2,757 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its position in shares of OFG Bancorp by 4.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank's stock valued at $10,093,000 after purchasing an additional 11,603 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 0.5 %

NYSE OFG traded down $0.20 during trading on Thursday, hitting $41.00. The stock had a trading volume of 341,581 shares, compared to its average volume of 242,702. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. 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 company's 50-day moving average price is $43.26 and its two-hundred day moving average price is $42.17. The company has a market capitalization of $1.88 billion, a PE ratio of 9.98 and a beta of 1.02.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced 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 the consensus estimate of $178.25 million. During the same period in the prior year, the firm earned $0.95 EPS. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.44%. OFG Bancorp's dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp announced that its board has initiated a stock repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have commented on OFG shares. Piper Sandler dropped their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th.

Insider Transactions at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.16% of the company's stock.

OFG Bancorp Company 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.