OFG Bancorp (NYSE:OFG) Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management has reduced its holdings in OFG Bancorp by 3.6%, owning approximately $52.91 million worth of the bank's stock after selling nearly 50,000 shares last quarter.
• Several institutional investors have also adjusted their positions, with ExodusPoint Capital Management significantly increasing their stake by 87.6% during the fourth quarter.
• OFG Bancorp has announced a quarterly dividend of $0.30 per share, which will be paid to investors on October 15th, reflecting a yield of 2.9% for the year.

LSV Asset Management decreased its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,321,961 shares of the bank's stock after selling 49,891 shares during the period. LSV Asset Management owned about 2.91% of OFG Bancorp worth $52,905,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of OFG. Point72 Asset Management L.P. acquired a new stake in shares of OFG Bancorp during the fourth quarter worth about $172,000. Bridgefront Capital LLC acquired a new position in OFG Bancorp during the fourth quarter valued at $221,000. Bank of Montreal Can grew its position in 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 during the period. Oxford Asset Management LLP acquired a new stake in OFG Bancorp during the fourth quarter worth about $225,000. Finally, Caxton Associates LP purchased a new stake in OFG Bancorp in the 4th quarter worth approximately $225,000. Institutional investors own 92.73% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on OFG shares. Keefe, Bruyette & Woods raised their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Piper Sandler cut their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Hovde Group dropped their price target 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 upped their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Stock Performance

Shares of OFG traded down $0.25 during midday trading on Wednesday, reaching $42.49. 77,647 shares of the stock were exchanged, compared to its average volume of 335,805. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 10.02 and a beta of 0.77. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.84. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The business's 50-day moving average price is $42.82 and its 200 day moving average price is $41.33.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, beating the consensus estimate 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%. The company's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. On average, sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp's payout ratio is currently 28.30%.

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.