Wellington Management Group LLP Trims Stake in OFG Bancorp (NYSE:OFG)

Wellington Management Group LLP trimmed its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 760,850 shares of the bank's stock after selling 8,877 shares during the period. Wellington Management Group LLP owned 1.68% of OFG Bancorp worth $32,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of OFG. Smartleaf Asset Management LLC lifted its holdings in OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after buying an additional 680 shares during the last quarter. R Squared Ltd purchased a new stake in shares of OFG Bancorp in the 4th quarter valued at about $44,000. Meeder Asset Management Inc. purchased a new stake in shares of OFG Bancorp in the 4th quarter valued at about $44,000. Blue Trust Inc. lifted its holdings in shares of OFG Bancorp by 84.8% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock valued at $93,000 after purchasing an additional 946 shares during the last quarter. Finally, Vestcor Inc purchased a new stake in shares of OFG Bancorp in the 4th quarter valued at about $107,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Piper Sandler reduced their target price 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 reduced their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods reduced their target price on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, Wells Fargo & Company downgraded OFG Bancorp from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $48.00 to $42.00 in a report on Wednesday, April 9th.

OFG Bancorp Stock Performance

OFG stock traded down $0.18 during trading on Wednesday, hitting $41.25. The company had a trading volume of 53,083 shares, compared to its average volume of 309,782. The firm has a market cap of $1.85 billion, a PE ratio of 9.77 and a beta of 0.73. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm has a 50-day moving average price of $39.22 and a 200-day moving average price of $41.49. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $175.35 million. During the same quarter last year, the firm earned $1.05 EPS. On average, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.91%. The ex-dividend date is Monday, June 30th. OFG Bancorp's payout ratio is 28.78%.

Insiders Place Their Bets

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company'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 sale, the chief financial officer now owns 63,470 shares in the company, valued at $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.11% of the stock is currently owned by insiders.

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.