OFG Bancorp (NYSE:OFG) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its position in OFG Bancorp (NYSE:OFG) by 13.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 20,028 shares of the bank’s stock after selling 3,124 shares during the quarter. Wedge Capital Management L L P NC’s holdings in OFG Bancorp were worth $900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in shares of OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after acquiring an additional 225,666 shares during the period. Allspring Global Investments Holdings LLC boosted its position in OFG Bancorp by 3.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after purchasing an additional 10,186 shares in the last quarter. Principal Financial Group Inc. grew its holdings in OFG Bancorp by 7.8% in the first quarter. Principal Financial Group Inc. now owns 264,289 shares of the bank’s stock valued at $9,728,000 after purchasing an additional 19,144 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of OFG Bancorp by 35.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,505 shares of the bank’s stock valued at $1,381,000 after buying an additional 9,860 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of OFG Bancorp by 172.3% during the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after buying an additional 23,075 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.5 %

NYSE OFG opened at $41.57 on Friday. The business has a fifty day moving average price of $43.71 and a 200 day moving average price of $40.03. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $1.95 billion, a P/E ratio of 10.63 and a beta of 0.98. OFG Bancorp has a one year low of $28.32 and a one year high of $47.57.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. OFG Bancorp’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 EPS. Research analysts anticipate that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.41%. OFG Bancorp’s payout ratio is 25.58%.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was 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 in the company, valued at $3,243,125.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.11% of the company’s stock.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of research analyst reports. Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday. Hovde Group boosted their target price 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. Finally, Wells Fargo & Company raised their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd.

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.