State of Alaska Department of Revenue Decreases Holdings in OFG Bancorp (NYSE:OFG)

State of Alaska Department of Revenue reduced its position in OFG Bancorp (NYSE:OFG) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,432 shares of the bank’s stock after selling 653 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of OFG Bancorp worth $1,017,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company downgraded OFG Bancorp from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $42.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods cut their price objective on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 21st. Hovde Group dropped their target price 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. Finally, Piper Sandler reduced their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, OFG Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $45.50.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.11% of the company’s stock.

OFG Bancorp Stock Performance

NYSE OFG opened at $43.23 on Friday. The firm has a market capitalization of $1.94 billion, a P/E ratio of 10.37 and a beta of 0.75. The stock has a 50-day simple moving average of $40.90 and a two-hundred day simple moving average of $41.10. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.84 and a current ratio of 0.85. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same period last year, the business earned $1.05 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Monday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is 28.78%.

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.