1620 Investment Advisors Inc. Trims Stake in OFG Bancorp (NYSE:OFG)

1620 Investment Advisors Inc. decreased its position in shares of OFG Bancorp (NYSE:OFG) by 20.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,909 shares of the bank’s stock after selling 495 shares during the period. 1620 Investment Advisors Inc.’s holdings in OFG Bancorp were worth $81,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of OFG Bancorp during the 3rd quarter worth approximately $984,000. State Street Corp grew its holdings in shares of OFG Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of OFG Bancorp by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock worth $69,922,000 after acquiring an additional 14,618 shares during the period. KBC Group NV grew its holdings in shares of OFG Bancorp by 39.7% during the 4th quarter. KBC Group NV now owns 2,620 shares of the bank’s stock worth $111,000 after acquiring an additional 745 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after acquiring an additional 263 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OFG shares. Wells Fargo & Company upped their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $40.25 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.83 billion, a P/E ratio of 9.54 and a beta of 0.96. The stock’s 50 day moving average is $42.12 and its 200 day moving average is $42.86. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.98%. OFG Bancorp’s dividend payout ratio is 28.44%.

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.