7,000 Shares in OFG Bancorp (NYSE:OFG) Purchased by Noesis Capital Mangement Corp

Noesis Capital Mangement Corp purchased a new stake in OFG Bancorp (NYSE:OFG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,000 shares of the bank's stock, valued at approximately $280,000.

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

Wall Street Analyst Weigh In

OFG has been the subject of several research analyst reports. Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Piper Sandler decreased their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Hovde Group decreased their price target on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company raised their price target on shares of 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 lifted their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $47.50.

OFG Bancorp Price Performance

Shares of OFG traded up $0.41 during mid-day trading on Friday, reaching $43.32. 226,093 shares of the stock traded hands, compared to its average volume of 224,803. The firm has a fifty day moving average price of $42.71 and a 200 day moving average price of $41.32. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 10.22 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. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping 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 net margin of 22.06% and a return on equity of 14.97%. The firm's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 earnings per share. As a group, equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

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

Insider Activity at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer directly owned 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.11% of the company's stock.

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.