Vestcor Inc Purchases New Position in OFG Bancorp (NYSE:OFG)

Vestcor Inc purchased a new stake in shares of OFG Bancorp (NYSE:OFG) during the 4th quarter, Holdings Channel reports. The fund purchased 2,529 shares of the bank’s stock, valued at approximately $107,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Amundi grew its holdings in shares of OFG Bancorp by 186.4% during the 4th quarter. Amundi now owns 23,479 shares of the bank’s stock valued at $987,000 after purchasing an additional 15,282 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of OFG Bancorp by 21.0% during the 4th quarter. Victory Capital Management Inc. now owns 204,971 shares of the bank’s stock valued at $8,674,000 after purchasing an additional 35,561 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of OFG Bancorp by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock valued at $69,922,000 after purchasing an additional 14,618 shares during the last quarter. Bailard Inc. grew its holdings in OFG Bancorp by 39.4% during the 4th quarter. Bailard Inc. now owns 16,741 shares of the bank’s stock worth $708,000 after acquiring an additional 4,730 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after acquiring an additional 680 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd.

OFG Bancorp Stock Down 0.6 %

Shares of NYSE OFG opened at $40.62 on Wednesday. The company has a market capitalization of $1.84 billion, a P/E ratio of 9.63 and a beta of 0.96. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The company’s 50 day moving average price is $42.19 and its 200-day moving average price is $42.94.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the prior year, the company posted $0.98 EPS. Equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.95%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is 28.44%.

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.