SG Americas Securities LLC Buys 19,777 Shares of OFG Bancorp (NYSE:OFG)

SG Americas Securities LLC raised its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 182.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,590 shares of the bank's stock after acquiring an additional 19,777 shares during the quarter. SG Americas Securities LLC owned approximately 0.07% of OFG Bancorp worth $1,224,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in shares of OFG Bancorp by 196.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after purchasing an additional 680 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of OFG Bancorp in the 4th quarter worth $44,000. Vestcor Inc acquired a new stake in shares of OFG Bancorp in the 4th quarter worth $107,000. Point72 Asset Management L.P. purchased a new position in OFG Bancorp in the 4th quarter worth $172,000. Finally, Ieq Capital LLC purchased a new position in OFG Bancorp in the 4th quarter worth $210,000. Institutional investors own 92.73% of the company's stock.

OFG Bancorp Stock Down 1.1%

Shares of OFG opened at $40.54 on Tuesday. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a market capitalization of $1.82 billion, a PE ratio of 9.61 and a beta of 0.75. The stock has a fifty day simple moving average of $39.95 and a two-hundred day simple moving average of $41.24. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The firm 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 period in the previous year, the firm earned $1.05 EPS. As a group, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 28.78%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the transaction, the chief financial officer now owns 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

OFG has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Wall Street Zen lowered OFG Bancorp from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their price objective on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Hovde Group reduced their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, OFG Bancorp presently has a consensus rating of "Hold" and a consensus target price of $45.50.

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.

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