Rafferty Asset Management LLC Raises Stock Position in OFG Bancorp (NYSE:OFG)

Rafferty Asset Management LLC grew its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 12.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,955 shares of the bank's stock after purchasing an additional 5,906 shares during the period. Rafferty Asset Management LLC owned about 0.12% of OFG Bancorp worth $2,326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in 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 purchasing an additional 680 shares during the period. R Squared Ltd purchased a new stake in OFG Bancorp during the fourth quarter worth about $44,000. Meeder Asset Management Inc. purchased a new stake in OFG Bancorp during the fourth quarter worth about $44,000. Blue Trust Inc. increased its stake in 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 purchasing an additional 946 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in OFG Bancorp by 736.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank's stock worth $101,000 after purchasing an additional 2,100 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on OFG shares. Piper Sandler cut 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. Hovde Group cut their target price 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. Keefe, Bruyette & Woods cut their target price 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. Finally, Wells Fargo & Company lowered shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th.

Insider Buying and Selling at OFG Bancorp

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

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $42.53 on Tuesday. The firm has a market capitalization of $1.91 billion, a P/E ratio of 10.08 and a beta of 0.73. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The firm's 50 day moving average is $39.02 and its two-hundred day moving average is $41.65.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $178.30 million during the quarter, compared to analysts' expectations 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 in the prior year, the company earned $1.05 earnings per share. Research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared 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 is Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 2.82%. OFG Bancorp's dividend payout ratio is currently 28.78%.

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.

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