OFG Bancorp (NYSE:OFG) Position Reduced by Versor Investments LP

Versor Investments LP reduced its position in shares of OFG Bancorp (NYSE:OFG) by 33.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,019 shares of the bank’s stock after selling 8,600 shares during the quarter. Versor Investments LP’s holdings in OFG Bancorp were worth $637,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of OFG. New Millennium Group LLC bought a new position in OFG Bancorp during the second quarter valued at about $30,000. CWM LLC boosted its position in shares of OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of OFG Bancorp in the 2nd quarter worth approximately $90,000. EntryPoint Capital LLC bought a new stake in shares of OFG Bancorp in the 1st quarter worth approximately $121,000. Finally, Lazard Asset Management LLC raised its holdings in shares of OFG Bancorp by 206.6% in the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after purchasing an additional 2,804 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the sale, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $45.39 on Wednesday. OFG Bancorp has a fifty-two week low of $28.18 and a fifty-two week high of $47.57. The firm’s 50 day simple moving average is $42.19 and its 200-day simple moving average is $38.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $2.13 billion, a P/E ratio of 11.61 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.12. The firm had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. As a group, equities research analysts predict that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. OFG Bancorp’s payout ratio is presently 25.58%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Piper Sandler assumed coverage on OFG Bancorp in a research note on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company. Finally, Hovde Group boosted their target price on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd.

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.