Rhumbline Advisers Sells 6,477 Shares of OFG Bancorp $OFG

Key Points

• Rhumbline Advisers reduced its stake in OFG Bancorp by 4.7%, selling 6,477 shares and now holds 130,026 shares valued at approximately $5.2 million.
• OFG Bancorp reported a quarterly earnings per share (EPS) of $1.15, exceeding the consensus estimate of $1.05, and noted a 1.6% increase in year-over-year revenue.
• The company recently announced a quarterly dividend of $0.30 per share, with a dividend yield of 2.7%, set to be paid on October 15th.

Rhumbline Advisers lessened its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP raised its stake in OFG Bancorp by 458.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the bank's stock worth $107,000 after buying an additional 2,189 shares during the period. Point72 Asset Management L.P. acquired a new stake in OFG Bancorp during the 4th quarter worth $172,000. Vident Advisory LLC acquired a new stake in OFG Bancorp during the 1st quarter worth $210,000. Noesis Capital Mangement Corp acquired a new stake in OFG Bancorp during the 1st quarter worth $280,000. Finally, US Bancorp DE raised its stake in OFG Bancorp by 156.9% during 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 period. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Stock Up 2.7%

Shares of NYSE:OFG traded up $1.17 during midday trading on Thursday, reaching $44.86. The company had a trading volume of 216,851 shares, compared to its average volume of 182,016. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The business's 50 day moving average price is $43.73 and its 200 day moving average price is $41.55. The stock has a market cap of $2.00 billion, a PE ratio of 10.58 and a beta of 0.81. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66.

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

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.30 dividend. 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 payout ratio is currently 28.30%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wells Fargo & Company lifted their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

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.