OFG Bancorp (NYSE:OFG) Shares Sold by Amalgamated Bank

Amalgamated Bank lessened its stake in OFG Bancorp (NYSE:OFG) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,666 shares of the bank’s stock after selling 639 shares during the period. Amalgamated Bank’s holdings in OFG Bancorp were worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new stake in OFG Bancorp during the 1st quarter worth $649,000. Raffles Associates LP boosted its stake in shares of OFG Bancorp by 9.3% during the second quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of OFG Bancorp by 6.1% during the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock worth $8,927,000 after buying an additional 13,869 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in OFG Bancorp by 25.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 30,814 shares during the period. Finally, Algert Global LLC raised its stake in OFG Bancorp by 14.0% during the 2nd quarter. Algert Global LLC now owns 161,684 shares of the bank’s stock valued at $6,055,000 after acquiring an additional 19,838 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Down 0.7 %

OFG opened at $43.78 on Friday. The firm has a market cap of $2.01 billion, a P/E ratio of 10.65 and a beta of 1.00. The business’s fifty day simple moving average is $42.88 and its 200 day simple moving average is $40.99. OFG Bancorp has a 52 week low of $32.96 and a 52 week high of $47.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results 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). The business had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, equities research analysts anticipate that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 2.28%. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Hovde Group upped their price objective on shares of 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 reduced their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

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.