OFG Bancorp $OFG Stake Reduced by Rhumbline Advisers

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

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OFG. Strs Ohio acquired a new stake in OFG Bancorp during the first quarter worth approximately $328,000. Intech Investment Management LLC raised its holdings in OFG Bancorp by 11.4% during the first quarter. Intech Investment Management LLC now owns 206,832 shares of the bank's stock worth $8,277,000 after purchasing an additional 21,087 shares in the last quarter. Empowered Funds LLC raised its holdings in OFG Bancorp by 25.6% during the first quarter. Empowered Funds LLC now owns 135,629 shares of the bank's stock worth $5,428,000 after purchasing an additional 27,644 shares in the last quarter. PharVision Advisers LLC acquired a new stake in OFG Bancorp in the first quarter valued at about $335,000. Finally, Millennium Management LLC boosted its holdings in OFG Bancorp by 73.1% in the 1st quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock valued at $21,372,000 after purchasing an additional 225,472 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Trading Down 0.5%

Shares of OFG Bancorp stock traded down $0.21 during trading hours on Monday, reaching $43.55. The stock had a trading volume of 167,220 shares, compared to its average volume of 179,533. 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 1 year low of $33.15 and a 1 year high of $47.66. The firm has a 50 day simple moving average of $43.77 and a two-hundred day simple moving average of $41.50. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 10.27 and a beta of 0.81.

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

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is currently 28.30%.

Analyst Upgrades and Downgrades

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

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.