OFG Bancorp (NYSE:OFG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in shares of OFG Bancorp (NYSE:OFG) by 2.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 298,376 shares of the bank’s stock after selling 7,944 shares during the period. Allspring Global Investments Holdings LLC’s holdings in OFG Bancorp were worth $11,183,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. SG Americas Securities LLC grew its position in OFG Bancorp by 1.5% in the fourth quarter. SG Americas Securities LLC now owns 22,002 shares of the bank’s stock worth $825,000 after buying an additional 329 shares during the last quarter. Royal Bank of Canada grew its position in OFG Bancorp by 0.6% in the third quarter. Royal Bank of Canada now owns 73,403 shares of the bank’s stock worth $1,845,000 after buying an additional 402 shares during the last quarter. Natixis Advisors L.P. grew its position in OFG Bancorp by 1.7% in the first quarter. Natixis Advisors L.P. now owns 27,562 shares of the bank’s stock worth $734,000 after buying an additional 465 shares during the last quarter. Swiss National Bank grew its position in OFG Bancorp by 0.6% in the third quarter. Swiss National Bank now owns 104,400 shares of the bank’s stock worth $3,117,000 after buying an additional 600 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in OFG Bancorp by 7.0% in the third quarter. Captrust Financial Advisors now owns 9,531 shares of the bank’s stock worth $240,000 after buying an additional 625 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 1.7 %

NYSE OFG opened at $33.48 on Wednesday. OFG Bancorp has a twelve month low of $22.34 and a twelve month high of $39.04. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 8.76 and a beta of 1.09. The firm’s 50 day moving average price is $35.89 and its two-hundred day moving average price is $34.67.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. The firm had revenue of $208.26 million for the quarter, compared to analysts’ expectations of $172.50 million. OFG Bancorp had a net margin of 23.62% and a return on equity of 16.25%. During the same period in the previous year, the company posted $0.97 EPS. Equities analysts anticipate that OFG Bancorp will post 3.75 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Wednesday, March 27th. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. OFG Bancorp’s payout ratio is presently 26.18%.

Insider Buying and Selling

In related news, insider Ganesh Kumar sold 9,071 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $35.18, for a total value of $319,117.78. Following the completion of the sale, the insider now directly owns 144,502 shares in the company, valued at $5,083,580.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 34,536 shares of company stock worth $1,238,317. Corporate insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company decreased their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th.

OFG Bancorp 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.