Intech Investment Management LLC Has $2.89 Million Stock Holdings in OFG Bancorp (NYSE:OFG)

Intech Investment Management LLC grew its position in shares of OFG Bancorp (NYSE:OFG) by 411.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,391 shares of the bank’s stock after acquiring an additional 51,798 shares during the quarter. Intech Investment Management LLC owned 0.14% of OFG Bancorp worth $2,892,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Arizona State Retirement System boosted its holdings in OFG Bancorp by 1.9% during the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in OFG Bancorp by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after buying an additional 300 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of OFG Bancorp by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after buying an additional 412 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of OFG Bancorp by 7.6% in the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after acquiring an additional 566 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of OFG Bancorp by 0.4% in the second quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock valued at $5,262,000 after acquiring an additional 568 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $45.52 on Friday. The company has a fifty day moving average price of $42.95 and a two-hundred day moving average price of $41.25. OFG Bancorp has a one year low of $32.96 and a one year high of $47.57. The stock has a market cap of $2.09 billion, a P/E ratio of 11.08 and a beta of 1.00. 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 (NYSE:OFG) 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). The firm had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. 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 currently 24.33%.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

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.