Cubist Systematic Strategies LLC Has $8.16 Million Position in OFG Bancorp (NYSE:OFG)

Cubist Systematic Strategies LLC reduced its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 192,841 shares of the bank's stock after selling 8,872 shares during the quarter. Cubist Systematic Strategies LLC owned 0.42% of OFG Bancorp worth $8,161,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in OFG Bancorp by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank's stock worth $69,922,000 after buying an additional 14,618 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of OFG Bancorp by 8.3% during the 4th quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank's stock worth $49,423,000 after acquiring an additional 89,450 shares during the period. JPMorgan Chase & Co. boosted its position in shares of OFG Bancorp by 5.0% during the 4th quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank's stock worth $37,836,000 after acquiring an additional 42,335 shares in the last quarter. Northern Trust Corp increased its stake in OFG Bancorp by 8.0% in the fourth quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock valued at $27,544,000 after acquiring an additional 48,442 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in OFG Bancorp by 1.7% during the fourth quarter. Russell Investments Group Ltd. now owns 259,232 shares of the bank's stock valued at $10,971,000 after purchasing an additional 4,353 shares in the last quarter. Institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

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

OFG Bancorp Price Performance

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

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm 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 quarter last year, the firm posted $1.05 earnings per share. As a group, analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Monday, June 30th. OFG Bancorp's payout ratio is currently 28.78%.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was 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 directly owns 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.11% of the company's stock.

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.