Bank of New York Mellon Corp Trims Position in OFG Bancorp (NYSE:OFG)

Bank of New York Mellon Corp reduced its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other large investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in shares of OFG Bancorp in the 4th quarter valued at $44,000. Point72 Asset Management L.P. acquired a new stake in shares of OFG Bancorp during the 4th quarter worth about $172,000. Bridgefront Capital LLC acquired a new stake in shares of OFG Bancorp during the 4th quarter worth about $221,000. Bank of Montreal Can increased its position in shares of OFG Bancorp by 9.0% during the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after purchasing an additional 438 shares in the last quarter. Finally, Oxford Asset Management LLP acquired a new stake in shares of OFG Bancorp during the 4th quarter worth about $225,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OFG has been the topic of a number of research analyst reports. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday. Piper Sandler reduced their target price 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. Hovde Group reduced their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Stock Performance

Shares of OFG traded down $0.55 during midday trading on Friday, reaching $44.92. 262,802 shares of the stock were exchanged, compared to its average volume of 311,950. The company has a market cap of $2.02 billion, a P/E ratio of 10.59 and a beta of 0.75. The stock's 50 day simple moving average is $42.57 and its 200 day simple moving average is $41.25. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34.

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

OFG Bancorp Dividend Announcement

The company also recently declared 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. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 28.30%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp 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 transaction of $207,200.00. Following the transaction, the chief financial officer directly owned 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.11% of the company's stock.

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.