Amalgamated Bank Trims Stake in OFG Bancorp (NYSE:OFG)

Amalgamated Bank reduced its position in shares of OFG Bancorp (NYSE:OFG) by 2.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,305 shares of the bank’s stock after selling 396 shares during the quarter. Amalgamated Bank’s holdings in OFG Bancorp were worth $536,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Capstone Investment Advisors LLC purchased a new position in OFG Bancorp during the 1st quarter worth $844,000. Janney Montgomery Scott LLC bought a new stake in OFG Bancorp during the 1st quarter valued at $649,000. BNP Paribas Financial Markets boosted its position in OFG Bancorp by 172.3% during the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock valued at $1,342,000 after acquiring an additional 23,075 shares in the last quarter. Russell Investments Group Ltd. boosted its position in OFG Bancorp by 6.1% during the 1st quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock valued at $8,927,000 after acquiring an additional 13,869 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in OFG Bancorp by 25.2% during the 1st 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 currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of OFG Bancorp 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 owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.11% of the stock is currently owned by insiders.

OFG Bancorp Stock Up 0.1 %

OFG Bancorp stock opened at $44.41 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 11.36 and a beta of 0.99. OFG Bancorp has a 1-year low of $28.32 and a 1-year high of $47.57. The business has a fifty day moving average price of $44.06 and a 200-day moving average price of $39.37.

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

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. OFG Bancorp’s dividend payout ratio is currently 25.58%.

Analyst Ratings Changes

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

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.