Summit Global Investments Has $570,000 Position in OFG Bancorp (NYSE:OFG)

Summit Global Investments lowered its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 53.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,250 shares of the bank's stock after selling 16,231 shares during the quarter. Summit Global Investments' holdings in OFG Bancorp were worth $570,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in shares of OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after buying an additional 680 shares in the last quarter. R Squared Ltd bought a new position in shares of OFG Bancorp during the fourth quarter worth about $44,000. Meeder Asset Management Inc. bought a new position in shares of OFG Bancorp during the fourth quarter worth about $44,000. Blue Trust Inc. grew its holdings in shares of OFG Bancorp by 84.8% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock worth $93,000 after buying an additional 946 shares in the last quarter. Finally, Vestcor Inc bought a new position in shares of OFG Bancorp during the fourth quarter worth about $107,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was 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 now directly owns 63,470 shares of the company's stock, valued at $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 available at this link. Insiders own 3.11% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler decreased their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Hovde Group decreased their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods decreased their price target on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company downgraded 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 note on Wednesday, April 9th.

OFG Bancorp Stock Down 0.4%

OFG stock traded down $0.15 during mid-day trading on Thursday, reaching $41.08. The company had a trading volume of 199,697 shares, compared to its average volume of 309,937. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The stock has a 50 day simple moving average of $39.26 and a two-hundred day simple moving average of $41.48. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 9.73 and a beta of 0.75. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $175.35 million. During the same quarter in the prior year, the business earned $1.05 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. OFG Bancorp's payout ratio is 28.78%.

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.