Northern Trust Corp Lowers Stock Position in OFG Bancorp $OFG

Key Points

• Northern Trust Corp reduced its stake in OFG Bancorp by 3.2%, owning 629,798 shares valued at approximately $25.2 million after selling 21,046 shares in the first quarter.
• OFG Bancorp reported $1.15 earnings per share for the last quarter, exceeding estimates by $0.10, and had a revenue increase of 1.6% year-over-year.
• The company announced a quarterly dividend of $0.30 per share, resulting in an annualized yield of 2.7%, with the ex-dividend date set for September 30th.

Northern Trust Corp lowered its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 629,798 shares of the bank's stock after selling 21,046 shares during the quarter. Northern Trust Corp owned approximately 1.39% of OFG Bancorp worth $25,205,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Point72 Asset Management L.P. purchased a new position in shares of OFG Bancorp in the 4th quarter worth approximately $172,000. Bridgefront Capital LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth approximately $221,000. Caxton Associates LP purchased a new position in shares of OFG Bancorp in the 4th quarter worth approximately $225,000. Noesis Capital Mangement Corp purchased a new position in shares of OFG Bancorp in the 1st quarter worth approximately $280,000. Finally, US Bancorp DE grew its position in shares of OFG Bancorp by 156.9% in the 1st quarter. US Bancorp DE now owns 7,827 shares of the bank's stock worth $313,000 after buying an additional 4,780 shares during the last quarter. Institutional investors own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OFG. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Stock Performance

Shares of OFG stock traded down $0.60 during trading hours on Friday, hitting $44.74. The company's stock had a trading volume of 154,994 shares, compared to its average volume of 200,911. The company has a 50 day moving average of $43.81 and a 200 day moving average of $41.42. The stock has a market cap of $1.99 billion, a PE ratio of 10.55 and a beta of 0.81. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same period in the previous year, the business posted $1.08 EPS. The business's revenue was up 1.6% compared to the same quarter last year. On average, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio is presently 28.30%.

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.