Rhumbline Advisers Sells 6,477 Shares of OFG Bancorp (NYSE:OFG)

Rhumbline Advisers trimmed its position in OFG Bancorp (NYSE:OFG) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,026 shares of the bank’s stock after selling 6,477 shares during the quarter. Rhumbline Advisers owned approximately 0.29% of OFG Bancorp worth $5,204,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of OFG Bancorp during the 4th quarter worth approximately $7,289,000. Bridgeway Capital Management LLC bought a new position in OFG Bancorp in the fourth quarter valued at approximately $5,205,000. Foundry Partners LLC grew its holdings in OFG Bancorp by 76.5% during the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank’s stock worth $10,041,000 after acquiring an additional 102,841 shares during the period. Tudor Investment Corp ET AL raised its position in shares of OFG Bancorp by 139.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock valued at $7,470,000 after acquiring an additional 102,680 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of OFG Bancorp by 8.3% during the 4th quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank’s stock valued at $49,423,000 after acquiring an additional 89,450 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wells Fargo & Company cut 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 note on Wednesday, April 9th. Wall Street Zen lowered OFG Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 6th. Hovde Group lowered their price target on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target 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, Piper Sandler decreased their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $45.50.

OFG Bancorp Stock Performance

OFG stock opened at $41.57 on Friday. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a market cap of $1.87 billion, a PE ratio of 9.85 and a beta of 0.75. The business’s 50-day moving average price is $39.71 and its two-hundred day moving average price is $41.37.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. The business had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same period in the prior year, the business earned $1.05 EPS. As a group, research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, June 30th. OFG Bancorp’s payout ratio is currently 28.78%.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 63,470 shares of the company’s stock, valued at $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.11% of the company’s stock.

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.