OFG Bancorp (NYSE:OFG) Stock Position Raised by Northern Trust Corp

Northern Trust Corp boosted its position in OFG Bancorp (NYSE:OFG - Free Report) by 8.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 650,844 shares of the bank's stock after purchasing an additional 48,442 shares during the quarter. Northern Trust Corp owned about 1.42% of OFG Bancorp worth $27,544,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after acquiring an additional 263 shares during the period. R Squared Ltd bought a new stake in OFG Bancorp during the fourth quarter worth approximately $44,000. Smartleaf Asset Management LLC lifted its position in OFG Bancorp by 196.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after purchasing an additional 680 shares during the period. Meeder Asset Management Inc. bought a new position in OFG Bancorp during the 4th quarter valued at $44,000. Finally, Blue Trust Inc. boosted its stake in OFG Bancorp by 84.8% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock valued at $93,000 after purchasing an additional 946 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the transaction, the chief financial officer now owns 63,470 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Corporate insiders own 3.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OFG. Hovde Group dropped their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price target on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Piper Sandler cut their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Finally, Wells Fargo & Company cut shares of 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 Price Performance

Shares of NYSE OFG traded down $0.24 during mid-day trading on Friday, reaching $42.61. The company had a trading volume of 43,739 shares, compared to its average volume of 390,796. The company has a 50-day moving average price of $38.88 and a two-hundred day moving average price of $41.61. The stock has a market cap of $1.91 billion, a PE ratio of 10.09 and a beta of 0.73. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly 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). The company had revenue of $178.30 million during the quarter, compared to analyst estimates 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 EPS. On average, equities analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Monday, June 30th. OFG Bancorp's dividend payout ratio is presently 28.78%.

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.