Universal Beteiligungs und Servicegesellschaft mbH Reduces Holdings in OFG Bancorp (NYSE:OFG)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH reduced its holdings in OFG Bancorp by 21.3%, selling 36,754 shares and now owns 135,482 shares valued at approximately $5.42 million.
• A recent earnings report showed OFG Bancorp exceeded analysts' expectations with earnings per share of $1.15, compared to a forecast of $1.05, while revenue grew by 1.6% year-over-year.
• Analysts have shown a mixed outlook for OFG Bancorp, with recent upgrades and downgrades, and a current consensus rating of "Moderate Buy" along with an average price target of $47.50.

Universal Beteiligungs und Servicegesellschaft mbH trimmed its position in OFG Bancorp (NYSE:OFG - Free Report) by 21.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,482 shares of the bank's stock after selling 36,754 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.30% of OFG Bancorp worth $5,422,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 purchasing an additional 6,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of OFG Bancorp by 11.0% during the first 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 last quarter. Bank of America Corp DE increased its holdings in OFG Bancorp by 11.0% in the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after buying an additional 10,355 shares in the last quarter. Principal Financial Group Inc. increased its holdings 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 buying an additional 8,050 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in OFG Bancorp by 81.7% in the first quarter. New York State Common Retirement Fund now owns 29,589 shares of the bank's stock valued at $1,184,000 after buying an additional 13,300 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OFG shares. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Hovde Group cut their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Piper Sandler cut their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Insider Activity at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer owned 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.11% of the company's stock.

OFG Bancorp Stock Down 0.3%

Shares of NYSE:OFG traded down $0.11 during trading hours on Thursday, reaching $42.31. The stock had a trading volume of 47,573 shares, compared to its average volume of 337,987. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. The firm's 50 day moving average is $42.77 and its 200-day moving average is $41.36. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.87. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 9.97 and a beta of 0.75.

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

OFG Bancorp Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.84%. OFG Bancorp's dividend payout ratio (DPR) is presently 28.30%.

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.