OFG Bancorp $OFG Shares Sold by Vanguard Group Inc.

Key Points

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Vanguard Group Inc. trimmed its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,742,413 shares of the bank's stock after selling 48,301 shares during the quarter. Vanguard Group Inc. owned 12.64% of OFG Bancorp worth $229,811,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of OFG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of OFG Bancorp during the fourth quarter worth about $7,289,000. Bridgeway Capital Management LLC bought a new stake in OFG Bancorp in the fourth quarter valued at about $5,205,000. Tudor Investment Corp ET AL increased its holdings in OFG Bancorp by 139.1% in the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after buying an additional 102,680 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in OFG Bancorp by 138.8% in the fourth quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock valued at $6,336,000 after buying an additional 87,024 shares during the last quarter. Finally, Vest Financial LLC bought a new stake in OFG Bancorp in the first quarter valued at about $3,093,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on OFG shares. Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Piper Sandler lowered their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Hovde Group lowered their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Stock Performance

OFG stock traded down $0.0430 on Wednesday, reaching $42.9570. The company's stock had a trading volume of 178,067 shares, compared to its average volume of 329,678. 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 $1.91 billion, a P/E ratio of 10.13 and a beta of 0.77. The firm has a fifty day moving average of $43.06 and a two-hundred day moving average of $41.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The business had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. During the same period in the prior year, the company posted $1.08 EPS. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, analysts predict that OFG Bancorp will post 4.18 EPS 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. Shareholders of record on Tuesday, September 30th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 30th. OFG Bancorp's dividend payout ratio is 28.30%.

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.