The Manufacturers Life Insurance Company Sells 656 Shares of OFG Bancorp (NYSE:OFG)

The Manufacturers Life Insurance Company cut its stake in shares of OFG Bancorp (NYSE:OFG) by 2.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,313 shares of the bank’s stock after selling 656 shares during the period. The Manufacturers Life Insurance Company’s holdings in OFG Bancorp were worth $944,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of OFG Bancorp by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock valued at $69,922,000 after buying an additional 14,618 shares during the period. KBC Group NV increased its position in shares of OFG Bancorp by 39.7% during the fourth quarter. KBC Group NV now owns 2,620 shares of the bank’s stock valued at $111,000 after buying an additional 745 shares during the period. GAMMA Investing LLC increased its position in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the period. Barclays PLC increased its position in shares of OFG Bancorp by 83.6% in the third quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after purchasing an additional 43,738 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of OFG Bancorp by 21.0% in the fourth quarter. Victory Capital Management Inc. now owns 204,971 shares of the bank’s stock worth $8,674,000 after purchasing an additional 35,561 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OFG. Piper Sandler decreased their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company cut shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Hovde Group decreased their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th.

Insiders Place Their Bets

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the sale, the chief financial officer now owns 63,470 shares of the company’s stock, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.11% of the stock is owned by insiders.

OFG Bancorp Stock Up 0.1%

Shares of OFG opened at $42.63 on Thursday. The firm has a market cap of $1.94 billion, a P/E ratio of 10.10 and a beta of 0.73. The stock has a 50 day simple moving average of $38.81 and a two-hundred day simple moving average of $41.59. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $175.35 million. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the prior year, the company earned $1.05 EPS. On average, analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.81%. The ex-dividend date is Monday, June 30th. OFG Bancorp’s dividend payout ratio is currently 28.78%.

OFG Bancorp Company 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.