Massachusetts Financial Services Co. MA Trims Position in OFG Bancorp (NYSE:OFG)

Massachusetts Financial Services Co. MA trimmed its stake in OFG Bancorp (NYSE:OFG - Free Report) by 55.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,455 shares of the bank's stock after selling 41,997 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.07% of OFG Bancorp worth $1,254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of OFG Bancorp by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,820 shares of the bank's stock valued at $38,693,000 after buying an additional 19,117 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of OFG Bancorp by 9.9% during the 3rd quarter. American Century Companies Inc. now owns 568,693 shares of the bank's stock valued at $16,981,000 after buying an additional 51,391 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of OFG Bancorp by 0.8% during the 3rd quarter. Deutsche Bank AG now owns 364,442 shares of the bank's stock valued at $10,882,000 after buying an additional 2,849 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of OFG Bancorp by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 196,791 shares of the bank's stock valued at $5,876,000 after buying an additional 2,258 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC lifted its stake in shares of OFG Bancorp by 94.6% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 196,042 shares of the bank's stock valued at $7,348,000 after buying an additional 95,282 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company dropped their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 10th.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 6,695 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the transaction, the insider now owns 76,578 shares of the company's stock, valued at approximately $2,904,603.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 61,305 shares of company stock worth $2,255,071 in the last three months. 3.11% of the stock is currently owned by corporate insiders.

OFG Bancorp Price Performance

NYSE OFG traded up $0.10 on Tuesday, hitting $37.38. The stock had a trading volume of 78,899 shares, compared to its average volume of 226,772. OFG Bancorp has a 52-week low of $23.96 and a 52-week high of $39.04. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.85 and a current ratio of 0.86. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 9.56 and a beta of 1.08. The firm has a 50-day moving average of $36.17 and a 200-day moving average of $35.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Thursday, April 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The business had revenue of $213.49 million for the quarter, compared to analysts' expectations of $175.20 million. During the same period in the prior year, the company posted $0.96 EPS. Equities analysts expect that OFG Bancorp will post 4.02 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, June 28th. OFG Bancorp's dividend payout ratio is presently 25.58%.

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.