Thrivent Financial for Lutherans Sells 8,125 Shares of OFG Bancorp (NYSE:OFG)

Thrivent Financial for Lutherans lowered its holdings in OFG Bancorp (NYSE:OFG) by 7.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,860 shares of the bank’s stock after selling 8,125 shares during the period. Thrivent Financial for Lutherans’ holdings in OFG Bancorp were worth $3,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in OFG. Sei Investments Co. boosted its stake in shares of OFG Bancorp by 385.4% during the 2nd quarter. Sei Investments Co. now owns 30,364 shares of the bank’s stock worth $1,137,000 after buying an additional 24,109 shares during the last quarter. Intech Investment Management LLC bought a new stake in OFG Bancorp during the second quarter worth about $472,000. Inspire Investing LLC acquired a new position in OFG Bancorp during the second quarter valued at approximately $796,000. XTX Topco Ltd grew its stake in OFG Bancorp by 7.6% in the second quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after purchasing an additional 566 shares in the last quarter. Finally, Denali Advisors LLC acquired a new position in shares of OFG Bancorp during the 2nd quarter worth approximately $1,232,000. Institutional investors own 92.73% of the company’s stock.

Insider Activity

In related news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction 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 approximately $3,243,125.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.11% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on OFG. Wells Fargo & Company increased their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Piper Sandler initiated coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They issued an “overweight” rating and a $49.00 price objective for the company. Finally, Hovde Group boosted their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $44.41 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $2.07 billion, a P/E ratio of 11.36 and a beta of 0.99. OFG Bancorp has a 12 month low of $28.32 and a 12 month high of $47.57. The stock has a 50 day moving average of $44.06 and a 200-day moving average of $39.35.

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

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s dividend payout ratio is presently 25.58%.

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.