OFG Bancorp (NYSE:OFG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its position in shares of OFG Bancorp (NYSE:OFG) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,724 shares of the bank’s stock after selling 816 shares during the period. Massachusetts Financial Services Co. MA owned 0.07% of OFG Bancorp worth $1,515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. New Millennium Group LLC purchased a new stake in shares of OFG Bancorp in the 2nd quarter valued at approximately $30,000. Blue Trust Inc. grew its position in OFG Bancorp by 2,377.8% in the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after acquiring an additional 1,070 shares during the period. CWM LLC increased its stake in OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after acquiring an additional 1,112 shares during the last quarter. Quarry LP raised its position in OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,927 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

NYSE OFG opened at $45.99 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $2.11 billion, a P/E ratio of 11.19 and a beta of 1.00. The stock has a 50-day moving average of $43.03 and a two-hundred day moving average of $41.39. OFG Bancorp has a 1-year low of $32.96 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $178.25 million. During the same quarter last year, the firm posted $0.95 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp announced that its board has initiated a share repurchase plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Company 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.