Voloridge Investment Management LLC Acquires 87,024 Shares of OFG Bancorp (NYSE:OFG)

Voloridge Investment Management LLC lifted its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 138.8% in the fourth quarter, according to the company in its most recent filing with the 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 0.33% of OFG Bancorp worth $6,336,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OFG. Bridgeway Capital Management LLC bought a new stake in OFG Bancorp during the 4th quarter valued at $5,205,000. Empowered Funds LLC bought a new stake in OFG Bancorp during the 4th quarter valued at $4,570,000. Foundry Partners LLC raised its holdings in OFG Bancorp by 76.5% during the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock valued at $10,041,000 after buying an additional 102,841 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in OFG Bancorp by 139.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after buying an additional 102,680 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in OFG Bancorp by 8.3% during the 4th 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. 92.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OFG has been the subject of several research reports. Keefe, Bruyette & Woods decreased their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Hovde Group cut their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Piper Sandler cut their price objective 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. Finally, Wells Fargo & Company downgraded shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $48.00 to $42.00 in a report on Wednesday, April 9th.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer now directly owns 63,470 shares of the company's stock, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.11% of the stock is currently owned by insiders.

OFG Bancorp Price Performance

OFG traded down $0.28 during trading on Friday, reaching $41.22. 31,681 shares of the company traded hands, compared to its average volume of 309,765. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The firm has a fifty day simple moving average of $39.21 and a 200 day simple moving average of $41.58. The company has a market cap of $1.85 billion, a P/E ratio of 9.76 and a beta of 0.73.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The business had revenue of $178.30 million during the quarter, compared to analysts' expectations of $175.35 million. During the same period last year, the business posted $1.05 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 28.78%.

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.