Rhumbline Advisers Has $5.20 Million Position in OFG Bancorp (NYSE:OFG)

Rhumbline Advisers trimmed its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 4.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 130,026 shares of the bank's stock after selling 6,477 shares during the quarter. Rhumbline Advisers owned 0.29% of OFG Bancorp worth $5,204,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of OFG. Principal Financial Group Inc. increased its position in shares of OFG Bancorp by 2.6% during the fourth quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank's stock worth $10,655,000 after acquiring an additional 6,392 shares during the last quarter. Ieq Capital LLC bought a new stake in OFG Bancorp in the fourth quarter valued at about $210,000. Smartleaf Asset Management LLC increased its holdings in OFG Bancorp by 196.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock valued at $44,000 after buying an additional 680 shares during the last quarter. Bailard Inc. increased its holdings in OFG Bancorp by 39.4% in the fourth quarter. Bailard Inc. now owns 16,741 shares of the bank's stock valued at $708,000 after buying an additional 4,730 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in OFG Bancorp by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank's stock valued at $69,922,000 after buying an additional 14,618 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OFG has been the subject of several research analyst reports. Hovde Group lowered their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Wall Street Zen lowered OFG Bancorp from a "hold" rating to a "sell" rating in a report on Friday, June 6th. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $48.00 to $42.00 in a report on Wednesday, April 9th. Piper Sandler lowered 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. Finally, Keefe, Bruyette & Woods lowered 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $45.50.

Insider Transactions at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Stock Performance

OFG traded down $0.46 during trading hours on Monday, hitting $40.54. The company's stock had a trading volume of 272,106 shares, compared to its average volume of 310,140. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $1.82 billion, a PE ratio of 9.61 and a beta of 0.75. The company has a 50-day simple moving average of $39.95 and a 200 day simple moving average of $41.24.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its 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). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The business had revenue of $178.30 million during the quarter, compared to analyst estimates of $175.35 million. During the same quarter in the prior year, the business earned $1.05 earnings per share. As a group, sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Monday, June 30th. OFG Bancorp's dividend payout ratio is presently 28.78%.

About OFG Bancorp

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.