Millennium Management LLC Decreases Stake in OFG Bancorp (NYSE:OFG)

Millennium Management LLC trimmed its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 17.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 308,567 shares of the bank's stock after selling 66,668 shares during the quarter. Millennium Management LLC owned 0.67% of OFG Bancorp worth $13,059,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

OFG has been the topic of a number of research analyst reports. Piper Sandler dropped their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company downgraded shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Hovde Group dropped their price objective 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. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th.

Insiders Place Their Bets

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now owns 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Stock Up 0.2%

OFG traded up $0.07 during trading on Thursday, hitting $41.26. The stock had a trading volume of 16,471 shares, compared to its average volume of 376,452. The company has a market capitalization of $1.85 billion, a PE ratio of 9.78 and a beta of 0.73. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The stock has a 50 day simple moving average of $39.21 and a two-hundred day simple moving average of $41.60.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $178.30 million during the quarter, compared to analyst estimates of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business earned $1.05 earnings per share. On average, research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid 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 2.91%. OFG Bancorp's dividend payout ratio (DPR) is 28.78%.

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.