Victory Capital Management Inc. Sells 9,186 Shares of OFG Bancorp (NYSE:OFG)

Key Points

• Victory Capital Management Inc. sold 9,186 shares of OFG Bancorp, reducing its holdings by 4.5% to own 195,785 shares worth approximately $7.84 million.
• OFG Bancorp recently declared a quarterly dividend of $0.30 per share, representing an annualized yield of 2.77%.
• The bank reported $1.15 EPS for its latest quarter, beating analyst estimates, with a total revenue of $182.20 million.

Victory Capital Management Inc. reduced its stake in OFG Bancorp (NYSE:OFG - Free Report) by 4.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,785 shares of the bank's stock after selling 9,186 shares during the period. Victory Capital Management Inc. owned approximately 0.43% of OFG Bancorp worth $7,835,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS bought a new stake in OFG Bancorp during the fourth quarter valued at $430,000. Prudential Financial Inc. raised its position in OFG Bancorp by 0.5% during the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank's stock valued at $2,878,000 after purchasing an additional 370 shares in the last quarter. JPMorgan Chase & Co. raised its position in OFG Bancorp by 5.0% during the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank's stock valued at $37,836,000 after purchasing an additional 42,335 shares in the last quarter. Pictet Asset Management Holding SA raised its position in OFG Bancorp by 30.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 7,037 shares of the bank's stock valued at $298,000 after purchasing an additional 1,663 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in OFG Bancorp during the fourth quarter valued at about $44,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Trading Up 0.4%

NYSE:OFG traded up $0.19 during mid-day trading on Tuesday, reaching $43.89. 25,062 shares of the company's stock traded hands, compared to its average volume of 339,684. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 10.36 and a beta of 0.75. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.84. The company has a 50 day moving average price of $42.74 and a 200-day moving average price of $41.33.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share 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 firm had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. During the same quarter in the prior year, the business earned $1.08 EPS. The business's revenue for the quarter was up 1.6% on a year-over-year basis. On average, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.73%. OFG Bancorp's dividend payout ratio (DPR) is 28.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OFG shares. Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Wells Fargo & Company boosted their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Hovde Group lowered their target price 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. Finally, Piper Sandler lowered 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. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp 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 owned 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.11% of the company's stock.

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.