OFG Bancorp (NYSE:OFG) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund raised its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 81.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 29,589 shares of the bank's stock after purchasing an additional 13,300 shares during the period. New York State Common Retirement Fund owned 0.07% of OFG Bancorp worth $1,184,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in OFG Bancorp by 42.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after purchasing an additional 6,814 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in OFG Bancorp by 11.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after purchasing an additional 3,702 shares during the period. Bank of America Corp DE increased its position in OFG Bancorp by 11.0% during the 4th quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after purchasing an additional 10,355 shares during the period. Principal Financial Group Inc. increased its position in OFG Bancorp by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after purchasing an additional 8,050 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in OFG Bancorp during the 4th quarter valued at about $409,000. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. 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 report on Thursday, July 10th. 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 report on Friday, July 18th. Hovde Group lowered their price target 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. Piper Sandler lowered their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded 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 stock. According to MarketBeat.com, OFG Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Stock Up 0.9%

Shares of NYSE:OFG traded up $0.38 during trading on Monday, reaching $43.69. The stock had a trading volume of 261,344 shares, compared to its average volume of 215,071. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The company has a market capitalization of $1.96 billion, a P/E ratio of 10.30 and a beta of 0.75. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. The firm's 50-day simple moving average is $42.74 and its 200 day simple moving average is $41.33.

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

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 28.30%.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction that occurred 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 sale, the chief financial officer directly owned 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.16% of the stock is owned by company insiders.

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.