OFG Bancorp $OFG Shares Sold by Wellington Management Group LLP

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

Other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in OFG Bancorp during the 4th quarter worth $172,000. Bridgefront Capital LLC purchased a new stake in OFG Bancorp during the 4th quarter worth $221,000. Caxton Associates LP purchased a new stake in OFG Bancorp during the 4th quarter worth $225,000. Noesis Capital Mangement Corp purchased a new position in OFG Bancorp in the 1st quarter valued at about $280,000. Finally, US Bancorp DE boosted its position in OFG Bancorp by 156.9% in the 1st quarter. US Bancorp DE now owns 7,827 shares of the bank's stock valued at $313,000 after buying an additional 4,780 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

OFG Bancorp Stock Down 0.0%

Shares of OFG Bancorp stock traded down $0.01 during trading on Friday, reaching $44.76. The company had a trading volume of 315,630 shares, compared to its average volume of 216,326. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 10.56 and a beta of 0.77. The firm's fifty day moving average is $43.60 and its 200-day moving average is $41.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The company's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.08 EPS. On average, analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

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

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.