Bank of New York Mellon Corp Sells 26,866 Shares of OFG Bancorp (NYSE:OFG)

Bank of New York Mellon Corp decreased its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 5.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 426,392 shares of the bank's stock after selling 26,866 shares during the quarter. Bank of New York Mellon Corp owned 0.94% of OFG Bancorp worth $17,064,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its holdings in shares of OFG Bancorp by 6.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 137,103 shares of the bank's stock valued at $5,802,000 after acquiring an additional 8,589 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of OFG Bancorp by 108.3% during the fourth quarter. Quantbot Technologies LP now owns 29,232 shares of the bank's stock valued at $1,237,000 after acquiring an additional 15,200 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of OFG Bancorp by 8.3% during the fourth 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 last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of OFG Bancorp during the fourth quarter valued at approximately $430,000. Finally, Prudential Financial Inc. raised its holdings in shares of OFG Bancorp by 0.5% during the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank's stock valued at $2,878,000 after acquiring an additional 370 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OFG. Wells Fargo & Company increased their price objective on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods increased their price objective on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday. Piper Sandler dropped their price target 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. Finally, Hovde Group dropped their target price 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Insider Activity

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 shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the transaction, the chief financial officer directly owned 63,470 shares in the company, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.16% of the company's stock.

OFG Bancorp Stock Up 0.4%

Shares of OFG stock traded up $0.16 during trading hours on Tuesday, hitting $44.63. 265,787 shares of the company were exchanged, compared to its average volume of 311,169. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.87. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The business's 50-day simple moving average is $42.57 and its two-hundred day simple moving average is $41.24. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 10.53 and a beta of 0.75.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same quarter last year, the business earned $1.08 earnings per share. The business's revenue for the quarter was up 1.6% on a year-over-year basis. Sell-side analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, June 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.69%. OFG Bancorp's payout ratio is 28.30%.

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.