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

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in OFG Bancorp during the fourth quarter worth approximately $44,000. Point72 Asset Management L.P. bought a new stake in shares of OFG Bancorp during the fourth quarter worth approximately $172,000. Bridgefront Capital LLC bought a new stake in shares of OFG Bancorp during the fourth quarter worth approximately $221,000. Bank of Montreal Can boosted its holdings in shares of OFG Bancorp by 9.0% during the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after acquiring an additional 438 shares during the period. Finally, Oxford Asset Management LLP bought a new stake in shares of OFG Bancorp during the fourth quarter worth approximately $225,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Buying and Selling at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were 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 $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.41 during trading hours on Friday, hitting $43.32. 226,093 shares of the company were exchanged, compared to its average volume of 224,803. The firm has a fifty day simple moving average of $42.71 and a 200 day simple moving average of $41.32. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 10.22 and a beta of 0.75.

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

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.30 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.77%. OFG Bancorp's dividend payout ratio is currently 28.30%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OFG. Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Piper Sandler reduced 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. Hovde Group cut their price target 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. Wells Fargo & Company boosted their price target 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. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.50.

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.