Cynosure Group LLC Takes $366,000 Position in OFG Bancorp (NYSE:OFG)

Cynosure Group LLC purchased a new stake in shares of OFG Bancorp (NYSE:OFG) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,140 shares of the bank’s stock, valued at approximately $366,000.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in OFG Bancorp by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after acquiring an additional 63,883 shares in the last quarter. American Century Companies Inc. increased its stake in OFG Bancorp by 16.5% in the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after buying an additional 136,813 shares during the period. Bank of New York Mellon Corp lifted its position in OFG Bancorp by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after buying an additional 2,757 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of OFG Bancorp by 4.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank’s stock valued at $10,093,000 after buying an additional 11,603 shares during the period. Finally, FMR LLC grew its holdings in shares of OFG Bancorp by 8.1% during the 3rd quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after acquiring an additional 15,498 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 0.3 %

OFG Bancorp stock opened at $45.99 on Friday. 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 $47.66. The firm’s fifty day simple moving average is $43.06 and its 200-day simple moving average is $41.43. The company has a market capitalization of $2.11 billion, a P/E ratio of 11.19 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. Sell-side analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has initiated a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Announces Dividend

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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

Wall Street Analysts Forecast Growth

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

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.