Balyasny Asset Management L.P. Grows Stock Holdings in OFG Bancorp (NYSE:OFG)

Balyasny Asset Management L.P. grew its stake in OFG Bancorp (NYSE:OFG) by 310.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 99,935 shares of the bank’s stock after acquiring an additional 75,599 shares during the quarter. Balyasny Asset Management L.P.’s holdings in OFG Bancorp were worth $4,229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in OFG Bancorp by 11.0% during the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank’s stock worth $4,409,000 after buying an additional 10,355 shares during the last quarter. Algert Global LLC grew its holdings in shares of OFG Bancorp by 4.0% in the fourth quarter. Algert Global LLC now owns 173,510 shares of the bank’s stock valued at $7,343,000 after purchasing an additional 6,706 shares during the period. Raffles Associates LP increased its position in OFG Bancorp by 8.3% during the fourth quarter. Raffles Associates LP now owns 130,067 shares of the bank’s stock worth $5,504,000 after purchasing an additional 10,000 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in OFG Bancorp during the fourth quarter worth about $512,000. Finally, Lido Advisors LLC boosted its holdings in OFG Bancorp by 36.0% in the 4th quarter. Lido Advisors LLC now owns 8,166 shares of the bank’s stock valued at $348,000 after purchasing an additional 2,162 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on OFG shares. Wells Fargo & Company lowered shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $48.00 to $42.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods lowered their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Piper Sandler lowered their price target on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Finally, Hovde Group decreased their target price 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.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total value 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. This represents a 7.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.11% of the company’s stock.

OFG Bancorp Trading Down 0.9 %

OFG opened at $41.24 on Friday. The business has a fifty day moving average price of $38.71 and a 200 day moving average price of $41.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.77 and a beta of 0.73.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. The company had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same period in the prior year, the firm posted $1.05 earnings per share. Sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

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 given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp’s dividend payout ratio is presently 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.