Russell Investments Group Ltd. Lowers Position in OFG Bancorp (NYSE:OFG)

Russell Investments Group Ltd. trimmed its holdings in shares of OFG Bancorp (NYSE:OFG) by 0.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 228,657 shares of the bank’s stock after selling 434 shares during the quarter. Russell Investments Group Ltd. owned 0.49% of OFG Bancorp worth $8,570,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boston Partners boosted its stake in OFG Bancorp by 138.5% in the third quarter. Boston Partners now owns 29,518 shares of the bank’s stock valued at $881,000 after acquiring an additional 17,141 shares during the last quarter. Deutsche Bank AG raised its stake in shares of OFG Bancorp by 0.8% in the third quarter. Deutsche Bank AG now owns 364,442 shares of the bank’s stock valued at $10,882,000 after buying an additional 2,849 shares during the period. Affinity Investment Advisors LLC bought a new stake in shares of OFG Bancorp in the third quarter valued at $695,000. Panagora Asset Management Inc. bought a new position in shares of OFG Bancorp during the 3rd quarter worth $4,205,000. Finally, Federated Hermes Inc. increased its holdings in OFG Bancorp by 13.8% in the 4th quarter. Federated Hermes Inc. now owns 143,271 shares of the bank’s stock worth $5,370,000 after acquiring an additional 17,384 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their target price on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 15,768 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $35.91, for a total value of $566,228.88. Following the transaction, the insider now owns 119,037 shares of the company’s stock, valued at $4,274,618.67. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 34,536 shares of company stock worth $1,238,317 in the last three months. 3.11% of the stock is currently owned by corporate insiders.

OFG Bancorp Trading Up 1.8 %

NYSE:OFG opened at $38.01 on Tuesday. OFG Bancorp has a 1 year low of $23.11 and a 1 year high of $39.04. The stock’s fifty day moving average price is $35.86 and its two-hundred day moving average price is $35.17. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market cap of $1.79 billion, a P/E ratio of 9.72 and a beta of 1.08.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The business had revenue of $213.49 million for the quarter, compared to analysts’ expectations of $175.20 million. During the same quarter in the prior year, the firm posted $0.96 EPS. As a group, analysts expect that OFG Bancorp will post 4.02 EPS for the current year.

About OFG Bancorp

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.