Thrivent Financial for Lutherans grew its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 26.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 128,514 shares of the bank's stock after acquiring an additional 26,654 shares during the period. Thrivent Financial for Lutherans owned about 0.28% of OFG Bancorp worth $5,773,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of OFG. Versor Investments LP boosted its stake in shares of OFG Bancorp by 109.3% during the third quarter. Versor Investments LP now owns 35,619 shares of the bank's stock valued at $1,600,000 after purchasing an additional 18,600 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in OFG Bancorp by 26.1% during the third quarter. Los Angeles Capital Management LLC now owns 19,931 shares of the bank's stock valued at $895,000 after purchasing an additional 4,124 shares in the last quarter. Easterly Investment Partners LLC grew its stake in OFG Bancorp by 17.9% in the third quarter. Easterly Investment Partners LLC now owns 16,259 shares of the bank's stock valued at $730,000 after purchasing an additional 2,472 shares during the last quarter. Summit Global Investments raised its holdings in OFG Bancorp by 14.6% in the third quarter. Summit Global Investments now owns 34,604 shares of the bank's stock worth $1,554,000 after purchasing an additional 4,417 shares in the last quarter. Finally, Olympiad Research LP lifted its position in shares of OFG Bancorp by 15.3% during the third quarter. Olympiad Research LP now owns 8,256 shares of the bank's stock valued at $371,000 after buying an additional 1,095 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.
OFG Bancorp Stock Up 2.5 %
Shares of OFG stock traded up $1.11 during trading hours on Friday, reaching $45.52. 238,711 shares of the company's stock were exchanged, compared to its average volume of 316,484. 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 has a market cap of $2.09 billion, a PE ratio of 11.08 and a beta of 1.00. The stock's fifty day moving average price is $42.95 and its two-hundred day moving average price is $41.28.
OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) 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 company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the previous year, the company posted $0.95 EPS. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict 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 allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
OFG Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is presently 24.33%.
Wall Street Analyst Weigh In
Separately, Piper Sandler reduced their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th.
View Our Latest Analysis on OFG
OFG Bancorp Profile
(
Free Report)
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.
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