Citigroup Inc. Acquires 6,716 Shares of OFG Bancorp (NYSE:OFG)

Citigroup Inc. lifted its holdings in shares of OFG Bancorp (NYSE:OFG) by 7.9% in the third quarter, according to its most recent filing with the SEC. The firm owned 91,216 shares of the bank’s stock after acquiring an additional 6,716 shares during the period. Citigroup Inc.’s holdings in OFG Bancorp were worth $4,097,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New Millennium Group LLC bought a new position in shares of OFG Bancorp during the 2nd quarter worth about $30,000. Blue Trust Inc. lifted its holdings in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after acquiring an additional 1,070 shares during the period. CWM LLC lifted its holdings in shares of OFG Bancorp by 147.1% during 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 lifted its holdings in shares of OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares during the period. Finally, Quarry LP lifted its holdings in OFG Bancorp by 98.7% during the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Down 0.9 %

Shares of NYSE OFG opened at $45.12 on Wednesday. The stock has a market cap of $2.07 billion, a P/E ratio of 10.98 and a beta of 1.02. The firm has a 50 day moving average price of $43.11 and a 200 day moving average price of $41.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data 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 firm had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the prior year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts expect that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp declared that its Board of Directors has authorized a share buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy 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 stock is undervalued.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is currently 24.33%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OFG. Piper Sandler cut their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday.

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.