OFG Bancorp (NYSE:OFG) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lessened its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 35.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 108,845 shares of the bank's stock after selling 60,564 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.24% of OFG Bancorp worth $4,607,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OFG. Hsbc Holdings PLC lifted its position in OFG Bancorp by 28.1% during the fourth quarter. Hsbc Holdings PLC now owns 15,358 shares of the bank's stock valued at $652,000 after purchasing an additional 3,365 shares during the period. TD Waterhouse Canada Inc. boosted its stake in shares of OFG Bancorp by 1.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank's stock worth $890,000 after buying an additional 369 shares during the last quarter. MetLife Investment Management LLC grew its holdings in OFG Bancorp by 5.1% during the fourth quarter. MetLife Investment Management LLC now owns 28,202 shares of the bank's stock worth $1,194,000 after acquiring an additional 1,368 shares during the period. Canada Pension Plan Investment Board purchased a new position in OFG Bancorp during the fourth quarter valued at approximately $1,363,000. Finally, Barclays PLC boosted its position in OFG Bancorp by 6.6% in the 4th quarter. Barclays PLC now owns 102,380 shares of the bank's stock worth $4,332,000 after purchasing an additional 6,335 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the sale, the chief financial officer now owns 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents a 7.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on OFG shares. Piper Sandler cut their target price 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. Keefe, Bruyette & Woods lowered their target price on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Hovde Group cut their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company downgraded OFG Bancorp from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th.

OFG Bancorp Price Performance

OFG traded up $0.86 during midday trading on Thursday, hitting $41.68. 372,107 shares of the company traded hands, compared to its average volume of 306,621. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The business has a 50 day simple moving average of $38.71 and a two-hundred day simple moving average of $41.51. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 9.88 and a beta of 0.73.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The firm had revenue of $178.30 million for 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 period in the previous year, the company earned $1.05 EPS. On average, equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal 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 issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a yield of 2.88%. OFG Bancorp's payout ratio is currently 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.