Russell Investments Group Ltd. Cuts Position in OFG Bancorp $OFG

Key Points

• Russell Investments Group Ltd. decreased its position in OFG Bancorp by 8.1%, owning 238,302 shares worth approximately $9.5 million after selling 20,930 shares in the first quarter.
• OFG Bancorp reported an earnings per share of $1.15 for the last quarter, exceeding the consensus estimate of $1.05, while revenue increased by 1.6% year-on-year.
• The company declared a quarterly dividend of $0.30, representing an annualized yield of 2.8%, with the payout ratio at 28.30%.

Russell Investments Group Ltd. lowered its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 8.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 238,302 shares of the bank's stock after selling 20,930 shares during the quarter. Russell Investments Group Ltd. owned about 0.52% of OFG Bancorp worth $9,537,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OFG. Allspring Global Investments Holdings LLC grew its stake in OFG Bancorp by 42.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock worth $909,000 after buying an additional 6,814 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in OFG Bancorp by 11.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock worth $1,505,000 after purchasing an additional 3,702 shares during the period. Bank of America Corp DE increased its holdings in OFG Bancorp by 11.0% in the 4th quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after purchasing an additional 10,355 shares in the last quarter. Principal Financial Group Inc. raised its position in OFG Bancorp by 3.2% in the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after purchasing an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in OFG Bancorp in the first quarter valued at about $1,240,000. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $43.00 on Tuesday. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock has a market cap of $1.91 billion, a P/E ratio of 10.14 and a beta of 0.77. The stock has a 50 day moving average of $43.04 and a 200-day moving average of $41.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.10. The company had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the business earned $1.08 EPS. On average, analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued 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 is Tuesday, September 30th. OFG Bancorp's payout ratio is 28.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OFG. Hovde Group decreased their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company increased their price objective 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. Piper Sandler dropped 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 note on Thursday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

OFG Bancorp 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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