OFG Bancorp (NYSE:OFG) Position Lifted by Picton Mahoney Asset Management

Picton Mahoney Asset Management grew its holdings in shares of OFG Bancorp (NYSE:OFG) by 54.2% during the fourth quarter, Holdings Channel reports. The firm owned 13,820 shares of the bank’s stock after acquiring an additional 4,857 shares during the quarter. Picton Mahoney Asset Management’s holdings in OFG Bancorp were worth $585,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. R Squared Ltd acquired a new stake in shares of OFG Bancorp during the fourth quarter worth $44,000. Smartleaf Asset Management LLC raised its holdings in shares of OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after purchasing an additional 680 shares during the period. Blue Trust Inc. raised its holdings in shares of OFG Bancorp by 84.8% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock worth $93,000 after purchasing an additional 946 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of OFG Bancorp by 736.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock worth $101,000 after purchasing an additional 2,100 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OFG has been the topic of a number of research reports. Keefe, Bruyette & Woods increased 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 increased their price objective 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 Up 2.4 %

OFG stock opened at $40.60 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The firm’s 50-day simple moving average is $42.23 and its 200 day simple moving average is $43.02. The stock has a market cap of $1.84 billion, a PE ratio of 9.62 and a beta of 0.96.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating 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 last year, the firm posted $0.98 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio is currently 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.