Barrow Hanley Mewhinney & Strauss LLC Cuts Stock Position in OFG Bancorp (NYSE:OFG)

Barrow Hanley Mewhinney & Strauss LLC lowered its stake in OFG Bancorp (NYSE:OFG - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,529,727 shares of the bank's stock after selling 61,784 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned 3.33% of OFG Bancorp worth $64,738,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in shares of OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock valued at $44,000 after purchasing an additional 680 shares in the last quarter. R Squared Ltd purchased a new stake in OFG Bancorp in the fourth quarter worth about $44,000. Meeder Asset Management Inc. bought a new stake in OFG Bancorp during the 4th quarter valued at approximately $44,000. Blue Trust Inc. boosted its position in OFG Bancorp by 84.8% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock valued at $93,000 after acquiring an additional 946 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of OFG Bancorp by 736.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank's stock worth $101,000 after acquiring an additional 2,100 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

OFG traded down $0.53 during mid-day trading on Wednesday, reaching $41.69. 56,106 shares of the company traded hands, compared to its average volume of 309,265. 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 has a 52-week low of $33.15 and a 52-week high of $47.66. The stock has a market capitalization of $1.87 billion, a P/E ratio of 9.86 and a beta of 0.73. The company's fifty day moving average price is $39.19 and its 200-day moving average price is $41.60.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. The business had revenue of $178.30 million for the quarter, compared to analysts' expectations of $175.35 million. During the same quarter in the prior year, the business earned $1.05 EPS. On average, sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.88%. OFG Bancorp's payout ratio is currently 28.78%.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company's stock in a transaction on Monday, May 5th. The shares were 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 owns 63,470 shares of the company's stock, valued at approximately $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 accessible through this link. 3.11% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

OFG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lowered their target price on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company downgraded OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $48.00 to $42.00 in a report on Wednesday, April 9th. Hovde Group dropped their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Finally, 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 report on Thursday, April 24th.

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.