Principal Financial Group Inc. Buys 8,050 Shares of OFG Bancorp (NYSE:OFG)

Principal Financial Group Inc. boosted its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 259,824 shares of the bank's stock after acquiring an additional 8,050 shares during the quarter. Principal Financial Group Inc. owned about 0.57% of OFG Bancorp worth $10,398,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Amundi lifted its stake in OFG Bancorp by 186.4% during the fourth quarter. Amundi now owns 23,479 shares of the bank's stock valued at $987,000 after purchasing an additional 15,282 shares during the last quarter. Vestcor Inc acquired a new stake in shares of OFG Bancorp during the 4th quarter valued at $107,000. Picton Mahoney Asset Management boosted its stake in shares of OFG Bancorp by 54.2% during the 4th quarter. Picton Mahoney Asset Management now owns 13,820 shares of the bank's stock worth $585,000 after acquiring an additional 4,857 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of OFG Bancorp by 6.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 137,103 shares of the bank's stock worth $5,802,000 after acquiring an additional 8,589 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in shares of OFG Bancorp by 108.3% in the 4th quarter. Quantbot Technologies LP now owns 29,232 shares of the bank's stock worth $1,237,000 after acquiring an additional 15,200 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 0.9%

Shares of NYSE OFG traded down $0.41 during mid-day trading on Tuesday, reaching $44.90. The company had a trading volume of 17,705 shares, compared to its average volume of 346,065. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 10.77 and a beta of 0.75. The stock has a fifty day moving average of $42.23 and a two-hundred day moving average of $41.17. 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 released its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. The company had revenue of $178.30 million during the quarter, compared to analysts' expectations of $175.35 million. During the same quarter in the previous year, the company earned $1.05 EPS. As a group, equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed 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 is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.67%. OFG Bancorp's dividend payout ratio is currently 28.78%.

Insiders Place Their Bets

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the business's 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 completion of the sale, the chief financial officer directly owned 63,470 shares of the company's stock, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OFG shares. Keefe, Bruyette & Woods dropped their price target on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Hovde Group decreased their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Piper Sandler lowered their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Finally, Wall Street Zen lowered OFG Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, OFG Bancorp currently has an average rating of "Hold" and a consensus target price of $47.00.

OFG Bancorp Company 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.