Bank of America Corp DE Raises Stake in OFG Bancorp (NYSE:OFG)

Bank of America Corp DE lifted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 11.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 104,179 shares of the bank's stock after buying an additional 10,355 shares during the period. Bank of America Corp DE owned approximately 0.23% of OFG Bancorp worth $4,409,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OFG. Barclays PLC lifted its holdings in shares of OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank's stock worth $4,314,000 after purchasing an additional 43,738 shares during the period. Blue Trust Inc. increased its stake in OFG Bancorp by 84.8% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock valued at $93,000 after buying an additional 946 shares during the period. KBC Group NV raised its position in OFG Bancorp by 39.7% during the 4th quarter. KBC Group NV now owns 2,620 shares of the bank's stock worth $111,000 after buying an additional 745 shares during the last quarter. R Squared Ltd acquired a new stake in shares of OFG Bancorp in the 4th quarter worth $44,000. Finally, EMC Capital Management boosted its holdings in shares of OFG Bancorp by 92.8% in the fourth quarter. EMC Capital Management now owns 18,214 shares of the bank's stock valued at $771,000 after acquiring an additional 8,766 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction dated 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 directly owns 63,470 shares in the company, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.11% of the stock is owned by company insiders.

OFG Bancorp Price Performance

Shares of NYSE OFG traded down $0.33 during midday trading on Friday, hitting $41.16. The company had a trading volume of 275,569 shares, compared to its average volume of 311,486. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 9.75 and a beta of 0.73. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The business has a 50-day simple moving average of $39.21 and a two-hundred day simple moving average of $41.55. 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 quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the previous year, the business posted $1.05 earnings per share. Equities 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. The ex-dividend date is Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 2.92%. OFG Bancorp's dividend payout ratio is presently 28.78%.

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.