OFG Bancorp (NYSE:OFG) Stock Position Decreased by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in OFG Bancorp (NYSE:OFG) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,410 shares of the bank’s stock after selling 4,793 shares during the period. Victory Capital Management Inc.’s holdings in OFG Bancorp were worth $7,610,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. New Millennium Group LLC bought a new stake in OFG Bancorp during the second quarter valued at about $30,000. Blue Trust Inc. increased its stake in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after acquiring an additional 1,070 shares during the period. CWM LLC lifted its position in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after acquiring an additional 1,112 shares during the period. Farther Finance Advisors LLC boosted its stake in OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after buying an additional 1,927 shares in the last quarter. Finally, Quarry LP raised its position in OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after purchasing an additional 996 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $44.41 on Friday. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 10.81 and a beta of 1.00. The firm’s 50-day moving average price is $42.91 and its two-hundred day moving average price is $41.18. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 1-year low of $32.96 and a 1-year high of $47.57.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $174.10 million for 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 period in the prior year, the business earned $0.95 earnings per share. On average, equities analysts predict that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp declared that its board has initiated a stock buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a 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.