Vest Financial LLC Invests $3.09 Million in OFG Bancorp (NYSE:OFG)

Vest Financial LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 77,278 shares of the bank's stock, valued at approximately $3,093,000. Vest Financial LLC owned 0.17% of OFG Bancorp at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of OFG Bancorp in the 4th quarter valued at $7,289,000. Jefferies Financial Group Inc. bought a new position in shares of OFG Bancorp in the 4th quarter valued at $409,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of OFG Bancorp by 21.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,125 shares of the bank's stock valued at $5,168,000 after purchasing an additional 21,821 shares during the last quarter. Voloridge Investment Management LLC increased its stake in shares of OFG Bancorp by 138.8% in the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock valued at $6,336,000 after purchasing an additional 87,024 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of OFG Bancorp by 2.9% in the 4th quarter. Two Sigma Investments LP now owns 137,350 shares of the bank's stock valued at $5,813,000 after purchasing an additional 3,868 shares during the last quarter. Institutional investors own 92.73% of the company's stock.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company's stock in a transaction that occurred on 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 directly owns 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.11% of the stock is owned by company insiders.

OFG Bancorp Trading Up 1.7%

OFG traded up $0.70 during midday trading on Friday, hitting $41.80. 156,974 shares of the company were exchanged, compared to its average volume of 309,797. The firm has a market capitalization of $1.88 billion, a P/E ratio of 9.91 and a beta of 0.75. 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 price is $39.30 and its 200-day moving average price is $41.46. 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 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the previous year, the firm posted $1.05 earnings per share. As a group, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 28.78%.

Wall Street Analyst Weigh In

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