Louisiana State Employees Retirement System Invests $881,000 in OFG Bancorp (NYSE:OFG)

Louisiana State Employees Retirement System bought a new position in shares of OFG Bancorp (NYSE:OFG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 23,500 shares of the bank’s stock, valued at approximately $881,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in OFG. BluePath Capital Management LLC bought a new stake in shares of OFG Bancorp during the third quarter worth $32,000. Quantbot Technologies LP acquired a new position in OFG Bancorp in the third quarter valued at about $72,000. Vest Financial LLC acquired a new position in OFG Bancorp in the fourth quarter valued at about $241,000. MQS Management LLC acquired a new position in OFG Bancorp in the third quarter valued at about $268,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in OFG Bancorp by 23.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,959 shares of the bank’s stock valued at $357,000 after buying an additional 2,273 shares during the period. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Trading Down 1.4 %

NYSE:OFG opened at $36.46 on Friday. OFG Bancorp has a 1-year low of $22.34 and a 1-year high of $39.04. The business’s 50-day moving average price is $35.76 and its two-hundred day moving average price is $34.86. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 9.32 and a beta of 1.09.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.10. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The company had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. During the same period in the prior year, the company earned $0.96 earnings per share. On average, equities analysts expect that OFG Bancorp will post 4.02 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.25 dividend. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio is 25.58%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $36.40, for a total value of $352,970.80. Following the completion of the sale, the insider now directly owns 134,805 shares in the company, valued at $4,906,902. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 34,536 shares of company stock worth $1,238,317 over the last ninety days. 3.11% of the stock is currently owned by corporate insiders.

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.