Wellington Management Group LLP Sells 487,932 Shares of OFG Bancorp $OFG

Key Points

• Wellington Management Group LLP significantly reduced its holdings in OFG Bancorp by 64.1% during the first quarter, now owning approximately 0.60% of the company worth $10.9 million.
• OFG Bancorp's quarterly earnings showed a profit of $1.15 per share, exceeding analysts' estimates, with a revenue increase of 1.6% year-over-year.
• The company has announced a quarterly dividend of $0.30 per share, representing an annual yield of 2.7%, payable on October 15th.

Wellington Management Group LLP reduced its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 64.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,918 shares of the bank's stock after selling 487,932 shares during the quarter. Wellington Management Group LLP owned 0.60% of OFG Bancorp worth $10,922,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of OFG Bancorp by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank's stock valued at $67,561,000 after buying an additional 35,960 shares during the last quarter. American Century Companies Inc. boosted its holdings in OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank's stock worth $50,850,000 after purchasing an additional 102,755 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in OFG Bancorp by 0.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock worth $50,267,000 after purchasing an additional 9,658 shares during the last quarter. Nuveen LLC purchased a new position in OFG Bancorp during the first quarter worth about $44,749,000. Finally, Northern Trust Corp boosted its holdings in OFG Bancorp by 8.0% during the fourth quarter. Northern Trust Corp now owns 650,844 shares of the bank's stock worth $27,544,000 after purchasing an additional 48,442 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded down $0.26 during midday trading on Tuesday, hitting $44.49. The company's stock had a trading volume of 176,830 shares, compared to its average volume of 211,270. The stock has a fifty day moving average price of $43.69 and a 200 day moving average price of $41.35. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.49 and a beta of 0.81.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (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 company had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same quarter in the previous year, the firm posted $1.08 earnings per share. The company's quarterly revenue was up 1.6% compared to the same quarter last year. On average, research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.7%. OFG Bancorp's payout ratio is 28.30%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.50.

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.