Yousif Capital Management LLC Lowers Stock Position in OFG Bancorp (NYSE:OFG)

Yousif Capital Management LLC cut its stake in shares of OFG Bancorp (NYSE:OFG) by 3.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,933 shares of the bank’s stock after selling 523 shares during the period. Yousif Capital Management LLC’s holdings in OFG Bancorp were worth $678,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. TD Waterhouse Canada Inc. lifted its stake in OFG Bancorp by 1.8% during the 4th quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank’s stock worth $890,000 after acquiring an additional 369 shares in the last quarter. Prudential Financial Inc. increased its stake in OFG Bancorp by 0.5% during the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank’s stock worth $2,878,000 after purchasing an additional 370 shares during the period. Bank of Montreal Can lifted its position in shares of OFG Bancorp by 9.0% during the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank’s stock worth $224,000 after purchasing an additional 438 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of OFG Bancorp by 196.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock valued at $44,000 after purchasing an additional 680 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of OFG Bancorp by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,167 shares of the bank’s stock valued at $1,107,000 after purchasing an additional 990 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of research reports. Keefe, Bruyette & Woods reduced their target price on shares of OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Hovde Group cut their price objective on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company lowered OFG Bancorp from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $48.00 to $42.00 in a report on Wednesday, April 9th. Piper Sandler lowered their target price on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $45.50.

OFG Bancorp Trading Up 0.4%

Shares of NYSE:OFG opened at $40.92 on Friday. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The company’s 50 day moving average is $40.33 and its two-hundred day moving average is $41.17. The company has a market cap of $1.84 billion, a PE ratio of 9.81 and a beta of 0.75. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.20.

OFG Bancorp (NYSE:OFG) last issued its 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 15.23% and a net margin of 22.10%. The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same quarter in the previous year, the firm posted $1.05 EPS. Equities analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.30 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.93%. OFG Bancorp’s payout ratio is currently 28.78%.

Insider Activity

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.11% of the company’s stock.

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.