New York State Common Retirement Fund Increases Stake in OFG Bancorp (NYSE:OFG)

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

Other hedge funds also recently bought and sold shares of the company. SummerHaven Investment Management LLC lifted its position in shares of OFG Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock valued at $821,000 after acquiring an additional 337 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in OFG Bancorp by 1.8% during the fourth quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank's stock worth $890,000 after buying an additional 369 shares in the last quarter. Prudential Financial Inc. lifted its position in OFG Bancorp by 0.5% during the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank's stock worth $2,878,000 after buying an additional 370 shares in the last quarter. Bank of Montreal Can lifted its position in OFG Bancorp by 9.0% during the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after buying an additional 438 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in OFG Bancorp by 8.8% during the first quarter. Alps Advisors Inc. now owns 8,799 shares of the bank's stock worth $352,000 after buying an additional 709 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded up $0.41 during mid-day trading on Friday, hitting $43.32. The company had a trading volume of 226,093 shares, compared to its average volume of 224,803. The firm has a market cap of $1.95 billion, a P/E ratio of 10.22 and a beta of 0.75. 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 12 month low of $33.15 and a 12 month high of $47.66. The business's 50-day simple moving average is $42.71 and its 200-day simple moving average is $41.32.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Monday, June 30th. OFG Bancorp's dividend payout ratio is 28.30%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the sale, the chief financial officer owned 63,470 shares of the company's stock, valued at $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 available at the SEC website. 3.11% of the stock is currently owned by corporate 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.