Principal Financial Group Inc. Sells 11,064 Shares of OFG Bancorp (NYSE:OFG)

Principal Financial Group Inc. trimmed its holdings in shares of OFG Bancorp (NYSE:OFG) by 4.3% in the third quarter, Holdings Channel.com reports. The fund owned 245,382 shares of the bank’s stock after selling 11,064 shares during the quarter. Principal Financial Group Inc.’s holdings in OFG Bancorp were worth $11,023,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OFG. Arizona State Retirement System lifted its holdings in OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in OFG Bancorp by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after buying an additional 300 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in OFG Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after buying an additional 412 shares during the last quarter. XTX Topco Ltd increased its stake in shares of OFG Bancorp by 7.6% in the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after buying an additional 566 shares during the period. Finally, Rhumbline Advisers raised its position in shares of OFG Bancorp by 0.4% during the second quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after acquiring an additional 568 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OFG shares. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Hovde Group raised their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler dropped their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $43.77 on Monday. The stock’s fifty day simple moving average is $42.88 and its 200 day simple moving average is $41.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $2.01 billion, a PE ratio of 10.65 and a beta of 1.00. OFG Bancorp has a 12 month low of $32.96 and a 12 month high of $47.57.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter last year, the firm earned $0.95 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is 24.33%.

OFG Bancorp declared that its board has initiated a share buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.