First Trust Direct Indexing L.P. Sells 1,146 Shares of OFG Bancorp (NYSE:OFG)

First Trust Direct Indexing L.P. lowered its stake in shares of OFG Bancorp (NYSE:OFG) by 11.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,941 shares of the bank’s stock after selling 1,146 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in OFG Bancorp were worth $335,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. Boston Partners grew its stake in OFG Bancorp by 138.5% in the 3rd quarter. Boston Partners now owns 29,518 shares of the bank’s stock valued at $881,000 after buying an additional 17,141 shares during the last quarter. Deutsche Bank AG grew its position in shares of OFG Bancorp by 0.8% in the third quarter. Deutsche Bank AG now owns 364,442 shares of the bank’s stock valued at $10,882,000 after purchasing an additional 2,849 shares during the last quarter. Affinity Investment Advisors LLC bought a new position in shares of OFG Bancorp in the third quarter worth about $695,000. Panagora Asset Management Inc. bought a new stake in OFG Bancorp during the 3rd quarter valued at approximately $4,205,000. Finally, Federated Hermes Inc. boosted its stake in OFG Bancorp by 13.8% during the 4th quarter. Federated Hermes Inc. now owns 143,271 shares of the bank’s stock valued at $5,370,000 after purchasing an additional 17,384 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 9,071 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78. Following the sale, the insider now directly owns 144,502 shares in the company, valued at $5,083,580.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 34,536 shares of company stock worth $1,238,317. 2.16% of the stock is currently owned by company insiders.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $38.01 on Tuesday. The firm has a fifty day moving average price of $35.86 and a two-hundred day moving average price of $35.17. OFG Bancorp has a fifty-two week low of $23.11 and a fifty-two week high of $39.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market cap of $1.79 billion, a PE ratio of 9.72 and a beta of 1.08.

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

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.