Bank of New York Mellon Corp Sells 26,866 Shares of OFG Bancorp (NYSE:OFG)

Bank of New York Mellon Corp cut its stake in shares of OFG Bancorp (NYSE:OFG) by 5.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 426,392 shares of the bank’s stock after selling 26,866 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.94% of OFG Bancorp worth $17,064,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in OFG. Thrivent Financial for Lutherans lifted its holdings in OFG Bancorp by 6.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 137,103 shares of the bank’s stock worth $5,802,000 after purchasing an additional 8,589 shares in the last quarter. Quantbot Technologies LP raised its holdings in shares of OFG Bancorp by 108.3% during the 4th quarter. Quantbot Technologies LP now owns 29,232 shares of the bank’s stock worth $1,237,000 after acquiring an additional 15,200 shares in the last quarter. American Century Companies Inc. raised its holdings 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 worth $49,423,000 after acquiring an additional 89,450 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of OFG Bancorp during the 4th quarter worth approximately $430,000. Finally, Prudential Financial Inc. raised its holdings in shares of OFG Bancorp by 0.5% during the 4th quarter. Prudential Financial Inc. now owns 67,999 shares of the bank’s stock worth $2,878,000 after acquiring an additional 370 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Down 1.2%

Shares of OFG stock opened at $44.92 on Friday. The stock’s 50-day simple moving average is $42.57 and its 200-day simple moving average is $41.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.87. The firm has a market capitalization of $2.02 billion, a PE ratio of 10.59 and a beta of 0.75. 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 Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same period last year, the company earned $1.08 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.67%. OFG Bancorp’s payout ratio is 28.78%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OFG. Hovde Group cut 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. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company boosted their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Wall Street Zen downgraded OFG Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 12th. Finally, Piper Sandler cut their target price on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, OFG Bancorp presently has an average rating of “Hold” and an average target price of $47.50.

Insider Buying and Selling

In other news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction 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 sale, the chief financial officer directly owned 63,470 shares of the company’s stock, valued at approximately $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.