Nuveen Asset Management LLC Buys 9,658 Shares of OFG Bancorp (NYSE:OFG)

Nuveen Asset Management LLC increased its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,187,781 shares of the bank's stock after acquiring an additional 9,658 shares during the quarter. Nuveen Asset Management LLC owned approximately 2.59% of OFG Bancorp worth $50,267,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OFG. Bridgeway Capital Management LLC purchased a new stake in OFG Bancorp in the fourth quarter worth about $5,205,000. Empowered Funds LLC purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at about $4,570,000. Foundry Partners LLC lifted its position in shares of OFG Bancorp by 76.5% during the fourth quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock valued at $10,041,000 after buying an additional 102,841 shares during the last quarter. Tudor Investment Corp ET AL lifted its position in shares of OFG Bancorp by 139.1% during the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after buying an additional 102,680 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of OFG Bancorp by 8.3% during the fourth quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank's stock valued at $49,423,000 after buying an additional 89,450 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of the 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 transaction, the chief financial officer now owns 63,470 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. 3.11% of the stock is owned by corporate insiders.

OFG Bancorp Stock Performance

OFG opened at $42.53 on Tuesday. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.91 billion, a P/E ratio of 10.08 and a beta of 0.73. The firm's 50-day moving average price is $39.02 and its 200-day moving average price is $41.65.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same quarter last year, the company earned $1.05 EPS. As a group, equities analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 2.82%. OFG Bancorp's dividend payout ratio (DPR) is presently 28.78%.

Wall Street Analyst Weigh In

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

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.

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