Allspring Global Investments Holdings LLC Acquires 6,814 Shares of OFG Bancorp (NYSE:OFG)

Allspring Global Investments Holdings LLC raised its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 42.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,717 shares of the bank's stock after purchasing an additional 6,814 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in OFG Bancorp were worth $909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after purchasing an additional 680 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in OFG Bancorp during the 4th quarter worth about $44,000. Vestcor Inc purchased a new stake in OFG Bancorp during the 4th quarter worth about $107,000. Point72 Asset Management L.P. purchased a new stake in OFG Bancorp during the 4th quarter worth about $172,000. Finally, Bridgefront Capital LLC purchased a new stake in OFG Bancorp during the 4th quarter worth about $221,000. Institutional investors own 92.73% of the company's stock.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the business'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 sale, the chief financial officer owned 63,470 shares of the company's stock, valued at approximately $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Stock Performance

Shares of OFG traded down $0.20 during trading hours on Friday, hitting $44.60. The stock had a trading volume of 224,073 shares, compared to its average volume of 313,252. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.85 and a quick ratio of 0.84. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The firm has a market capitalization of $2.00 billion, a PE ratio of 10.69 and a beta of 0.75. The stock has a fifty day moving average price of $42.17 and a 200 day moving average price of $41.19.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. The firm had revenue of $178.30 million during the quarter, compared to the consensus estimate of $175.35 million. During the same period in the previous year, the firm earned $1.05 EPS. Analysts anticipate that OFG Bancorp will post 4.18 EPS 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 $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp's payout ratio is currently 28.78%.

Analyst Ratings Changes

Several brokerages have recently commented on OFG. Piper Sandler reduced their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Hovde Group reduced their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Keefe, Bruyette & Woods reduced their price target on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Wells Fargo & Company raised their price target on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, OFG Bancorp currently has an average rating of "Moderate Buy" and an average target price of $47.00.

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.