Voloridge Investment Management LLC Raises Stock Holdings in OFG Bancorp (NYSE:OFG)

Voloridge Investment Management LLC raised its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 138.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,709 shares of the bank's stock after acquiring an additional 87,024 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.33% of OFG Bancorp worth $6,336,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Bridgeway Capital Management LLC purchased a new stake in shares of OFG Bancorp during the fourth quarter worth approximately $5,205,000. Empowered Funds LLC acquired a new stake in OFG Bancorp during the 4th quarter worth $4,570,000. Foundry Partners LLC grew its holdings in shares of OFG Bancorp by 76.5% during the fourth quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock worth $10,041,000 after buying an additional 102,841 shares in the last quarter. Tudor Investment Corp ET AL grew its holdings in shares of OFG Bancorp by 139.1% during the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock worth $7,470,000 after buying an additional 102,680 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of OFG Bancorp by 8.3% in the fourth quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank's stock valued at $49,423,000 after buying an additional 89,450 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Insiders Place Their Bets

In other news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the sale, the chief financial officer now owns 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.11% of the stock is owned by company insiders.

OFG Bancorp Trading Down 2.3%

NYSE:OFG traded down $0.96 during trading hours on Wednesday, reaching $41.26. 242,485 shares of the stock were exchanged, compared to its average volume of 309,985. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The business has a 50-day moving average of $39.19 and a two-hundred day moving average of $41.60. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 9.78 and a beta of 0.73. 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 analysts' consensus estimates of $1.02 by ($0.02). The firm had revenue of $178.30 million for the quarter, compared to analysts' expectations of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business earned $1.05 earnings per share. On average, equities analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 2.91%. OFG Bancorp's dividend payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler lowered their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Keefe, Bruyette & Woods lowered 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. 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 report on Thursday, April 24th. Finally, Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th.

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.