GSA Capital Partners LLP Acquires New Stake in OFG Bancorp (NYSE:OFG)

GSA Capital Partners LLP bought a new position in OFG Bancorp (NYSE:OFG) in the 1st quarter, Holdings Channel reports. The firm bought 30,978 shares of the bank’s stock, valued at approximately $1,240,000.

Several other hedge funds have also made changes to their positions in OFG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of OFG Bancorp in the 4th quarter worth $7,289,000. Bridgeway Capital Management LLC purchased a new stake in shares of OFG Bancorp in the 4th quarter worth $5,205,000. Foundry Partners LLC lifted its holdings in shares of OFG Bancorp by 76.5% in the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank’s stock worth $10,041,000 after buying an additional 102,841 shares during the period. Tudor Investment Corp ET AL lifted its holdings in shares of OFG Bancorp by 139.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock worth $7,470,000 after buying an additional 102,680 shares during the period. Finally, Voloridge Investment Management LLC lifted its stake in shares of OFG Bancorp by 138.8% during the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank’s stock worth $6,336,000 after purchasing an additional 87,024 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer directly owned 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Keefe, Bruyette & Woods upped their price objective on OFG Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, July 18th. Piper Sandler decreased their price objective on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company upped their price objective on OFG Bancorp from $42.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Finally, Hovde Group decreased their price objective on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

OFG Bancorp Stock Down 3.0%

NYSE:OFG opened at $42.37 on Thursday. The company has a market cap of $1.90 billion, a PE ratio of 9.99 and a beta of 0.75. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $42.77 and its two-hundred day moving average is $41.36.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same period in the prior year, the company earned $1.08 earnings per share. The company’s revenue was up 1.6% on a year-over-year basis. Analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.83%. OFG Bancorp’s payout ratio is 28.30%.

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.