AQR Capital Management LLC Has $6.29 Million Position in OFG Bancorp (NYSE:OFG)

AQR Capital Management LLC cut its position in OFG Bancorp (NYSE:OFG - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,503 shares of the bank's stock after selling 11,653 shares during the period. AQR Capital Management LLC owned 0.32% of OFG Bancorp worth $6,285,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock valued at $34,000 after buying an additional 263 shares in the last quarter. R Squared Ltd bought a new position in shares of OFG Bancorp in the fourth quarter worth about $44,000. Smartleaf Asset Management LLC raised its stake in shares of OFG Bancorp by 196.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after acquiring an additional 680 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of OFG Bancorp in the fourth quarter worth about $44,000. Finally, Blue Trust Inc. raised its stake in shares of OFG Bancorp by 84.8% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock worth $93,000 after acquiring an additional 946 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on OFG shares. Keefe, Bruyette & Woods dropped their target price 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. Piper Sandler dropped their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Hovde Group dropped their target price on shares of OFG Bancorp from $53.50 to $50.00 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 Trading Up 0.7%

Shares of OFG traded up $0.30 on Tuesday, reaching $42.69. 19,713 shares of the company's stock were exchanged, compared to its average volume of 306,836. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.94 billion, a P/E ratio of 10.12 and a beta of 0.73. The business has a 50 day moving average price of $38.74 and a two-hundred day moving average price of $41.58. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The business had revenue of $178.30 million for 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 earned $1.05 earnings per share. Research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Monday, June 30th. OFG Bancorp's dividend payout ratio is currently 28.78%.

Insider Activity at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer now owns 63,470 shares in the company, valued at approximately $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.