Mutual of America Capital Management LLC Sells 722 Shares of OFG Bancorp (NYSE:OFG)

Mutual of America Capital Management LLC cut its holdings in shares of OFG Bancorp (NYSE:OFG) by 9.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,004 shares of the bank’s stock after selling 722 shares during the quarter. Mutual of America Capital Management LLC’s holdings in OFG Bancorp were worth $315,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. New Millennium Group LLC acquired a new position in shares of OFG Bancorp during the 2nd quarter worth about $30,000. Blue Trust Inc. boosted its position in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after acquiring an additional 1,070 shares in the last quarter. 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 worth $70,000 after acquiring an additional 1,112 shares in the last quarter. Quarry LP boosted its position in shares of OFG Bancorp by 98.7% during the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after acquiring an additional 996 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced 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 report on Thursday, October 17th.

OFG Bancorp Stock Performance

NYSE OFG opened at $45.99 on Friday. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 11.19 and a beta of 1.00. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $43.06 and its 200 day simple moving average is $41.43. OFG Bancorp has a 1 year low of $32.96 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. As a group, research analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp declared that its Board of Directors has approved a stock buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.