OFG Bancorp (NYSE:OFG) Stake Increased by Bank of America Corp DE

Bank of America Corp DE increased its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 11.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,179 shares of the bank's stock after buying an additional 10,355 shares during the quarter. Bank of America Corp DE owned about 0.23% of OFG Bancorp worth $4,409,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new stake in shares of OFG Bancorp during the 4th quarter valued at approximately $4,570,000. Foundry Partners LLC lifted its position in shares of OFG Bancorp by 76.5% during the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock valued at $10,041,000 after acquiring an additional 102,841 shares during the period. Tudor Investment Corp ET AL lifted its position in shares of 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. American Century Companies Inc. lifted its position 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 valued at $49,423,000 after acquiring an additional 89,450 shares during the period. Finally, Northern Trust Corp lifted its position in shares of OFG Bancorp by 8.0% during the 4th 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 period. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 63,470 shares of the company's stock, valued at $2,630,196.80. This represents a 7.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.11% of the stock is owned by company insiders.

Analyst Ratings Changes

OFG has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price target on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Piper Sandler dropped their price objective 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. Wells Fargo & Company cut shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Finally, Hovde Group dropped their price objective 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.

OFG Bancorp Stock Up 0.2%

OFG Bancorp stock traded up $0.08 during trading on Monday, reaching $41.22. 196,697 shares of the company's stock were exchanged, compared to its average volume of 310,982. The company's 50-day moving average is $39.21 and its two-hundred day moving average is $41.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 9.77 and a beta of 0.73.

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 analysts' consensus estimates of $1.02 by ($0.02). The firm had revenue of $178.30 million during the quarter, compared to analyst estimates 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 in the prior year, the firm earned $1.05 EPS. On average, analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

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.