nVerses Capital LLC Sells 300 Shares of OFG Bancorp (NYSE:OFG)

nVerses Capital LLC cut its position in shares of OFG Bancorp (NYSE:OFG) by 9.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,000 shares of the bank’s stock after selling 300 shares during the quarter. nVerses Capital LLC’s holdings in OFG Bancorp were worth $112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after purchasing an additional 225,666 shares during the last quarter. First Trust Advisors LP raised its stake in OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock valued at $28,213,000 after buying an additional 100,661 shares during the last quarter. Vanguard Group Inc. boosted its holdings in OFG Bancorp by 1.1% in the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after acquiring an additional 63,883 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of OFG Bancorp by 38.2% in the fourth quarter. Panagora Asset Management Inc. now owns 194,528 shares of the bank’s stock worth $7,291,000 after acquiring an additional 53,719 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of OFG Bancorp by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 30,814 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

OFG opened at $45.39 on Wednesday. The company’s 50-day simple moving average is $42.19 and its two-hundred day simple moving average is $38.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $2.13 billion, a P/E ratio of 11.61 and a beta of 1.00. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.12. The company had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $0.93 earnings per share. As a group, analysts predict that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Analyst Ratings Changes

OFG has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Piper Sandler assumed coverage on shares of OFG Bancorp in a report on Monday, August 26th. They set an “overweight” rating and a $49.00 price target on the stock. Finally, Hovde Group boosted their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the completion of the sale, the director now directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.11% of the stock is 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.