Vest Financial LLC Makes New Investment in OFG Bancorp (NYSE:OFG)

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

A number of other hedge funds have also recently added to or reduced their stakes in OFG. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of OFG Bancorp during the 4th quarter worth $7,289,000. Jefferies Financial Group Inc. bought a new stake in OFG Bancorp during the fourth quarter worth about $409,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in OFG Bancorp by 21.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,125 shares of the bank's stock worth $5,168,000 after buying an additional 21,821 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in 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 buying an additional 87,024 shares during the period. Finally, Two Sigma Investments LP raised its position 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 buying an additional 3,868 shares in the last quarter. Institutional investors own 92.73% of the company's stock.

OFG Bancorp Price Performance

OFG stock traded up $0.25 during trading on Tuesday, reaching $42.05. 180,540 shares of the company were exchanged, compared to its average volume of 310,017. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 9.96 and a beta of 0.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The company has a 50-day moving average of $39.44 and a two-hundred day moving average of $41.41. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same quarter last year, the company posted $1.05 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp's dividend payout ratio is currently 28.78%.

Analyst Ratings Changes

Several analysts recently issued reports on OFG shares. Wall Street Zen lowered shares of OFG Bancorp from a "hold" rating to a "sell" rating in a research report on Friday. Keefe, Bruyette & Woods reduced their target price on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Piper Sandler lowered their price target on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report 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 on the stock 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 MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.50.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction on 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 sale, the chief financial officer now directly owns 63,470 shares in the company, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The transaction 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.

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.