Algert Global LLC Purchases 6,706 Shares of OFG Bancorp (NYSE:OFG)

Algert Global LLC increased its stake in OFG Bancorp (NYSE:OFG - Free Report) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,510 shares of the bank's stock after buying an additional 6,706 shares during the period. Algert Global LLC owned 0.38% of OFG Bancorp worth $7,343,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raffles Associates LP raised its position in shares of OFG Bancorp by 8.3% in the 4th quarter. Raffles Associates LP now owns 130,067 shares of the bank's stock worth $5,504,000 after acquiring an additional 10,000 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in OFG Bancorp during the fourth quarter valued at $512,000. Lido Advisors LLC boosted its holdings in shares of OFG Bancorp by 36.0% during the 4th quarter. Lido Advisors LLC now owns 8,166 shares of the bank's stock valued at $348,000 after buying an additional 2,162 shares in the last quarter. Northern Trust Corp grew its position in shares of OFG Bancorp by 8.0% in the 4th quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock worth $27,544,000 after buying an additional 48,442 shares during the period. Finally, Tudor Investment Corp ET AL lifted its position in OFG Bancorp by 139.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after acquiring an additional 102,680 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. 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 note on Thursday, April 24th. Keefe, Bruyette & Woods reduced their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company downgraded shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th.

OFG Bancorp Stock Performance

OFG traded down $0.38 during midday trading on Friday, hitting $41.24. 199,050 shares of the company traded hands, compared to its average volume of 308,265. The company's 50-day moving average is $38.71 and its 200 day moving average is $41.54. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The firm has a market capitalization of $1.87 billion, a PE ratio of 9.77 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period last year, the firm posted $1.05 EPS. On average, research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Monday, June 30th. OFG Bancorp's dividend payout ratio is 28.78%.

Insiders Place Their Bets

In other news, CFO Maritza Arizmendi sold 5,000 shares of the company's 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 now directly owns 63,470 shares in the company, valued at $2,630,196.80. This represents a 7.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.11% of the company's stock.

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.