Russell Investments Group Ltd. Cuts Stock Holdings in OFG Bancorp (NYSE:OFG)

Russell Investments Group Ltd. trimmed its position in shares of OFG Bancorp (NYSE:OFG) by 0.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 228,657 shares of the bank’s stock after selling 434 shares during the period. Russell Investments Group Ltd.’s holdings in OFG Bancorp were worth $8,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Boston Partners increased its holdings in shares of OFG Bancorp by 138.5% during the 3rd quarter. Boston Partners now owns 29,518 shares of the bank’s stock valued at $881,000 after purchasing an additional 17,141 shares in the last quarter. Deutsche Bank AG raised its stake in shares of OFG Bancorp by 0.8% during the 3rd quarter. Deutsche Bank AG now owns 364,442 shares of the bank’s stock worth $10,882,000 after buying an additional 2,849 shares during the period. Affinity Investment Advisors LLC purchased a new position in shares of OFG Bancorp during the 3rd quarter valued at approximately $695,000. Panagora Asset Management Inc. acquired a new stake in OFG Bancorp in the 3rd quarter valued at $4,205,000. Finally, Federated Hermes Inc. grew its stake in OFG Bancorp by 13.8% in the 4th quarter. Federated Hermes Inc. now owns 143,271 shares of the bank’s stock valued at $5,370,000 after acquiring an additional 17,384 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 9,697 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $36.40, for a total transaction of $352,970.80. Following the transaction, the insider now owns 134,805 shares of the company’s stock, valued at approximately $4,906,902. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 34,536 shares of company stock valued at $1,238,317. Insiders own 3.11% of the company’s stock.

Analysts Set New Price Targets

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

OFG Bancorp Trading Up 1.8 %

OFG stock opened at $38.01 on Tuesday. The business’s 50-day moving average is $35.86 and its 200 day moving average is $35.17. OFG Bancorp has a 12-month low of $23.11 and a 12-month high of $39.04. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 9.72 and a beta of 1.08. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The company had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. During the same quarter in the prior year, the firm earned $0.96 EPS. On average, sell-side analysts anticipate that OFG Bancorp will post 4.02 EPS for the current fiscal 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.