OFG Bancorp (NYSE:OFG) Shares Sold by Summit Global Investments

Summit Global Investments reduced its stake in shares of OFG Bancorp (NYSE:OFG) by 11.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,481 shares of the bank’s stock after selling 4,123 shares during the period. Summit Global Investments’ holdings in OFG Bancorp were worth $1,290,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans grew its holdings in OFG Bancorp by 6.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 137,103 shares of the bank’s stock worth $5,802,000 after acquiring an additional 8,589 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in OFG Bancorp by 54.2% during the 4th quarter. Picton Mahoney Asset Management now owns 13,820 shares of the bank’s stock worth $585,000 after acquiring an additional 4,857 shares in the last quarter. Vestcor Inc acquired a new position in OFG Bancorp during the 4th quarter worth $107,000. Amundi boosted its holdings in shares of OFG Bancorp by 186.4% in the 4th quarter. Amundi now owns 23,479 shares of the bank’s stock valued at $987,000 after buying an additional 15,282 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of OFG Bancorp by 21.0% in the 4th quarter. Victory Capital Management Inc. now owns 204,971 shares of the bank’s stock valued at $8,674,000 after buying an additional 35,561 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Trading Up 0.1 %

NYSE OFG opened at $40.25 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The company has a 50-day simple moving average of $42.12 and a 200-day simple moving average of $42.84. The firm has a market capitalization of $1.83 billion, a PE ratio of 9.54 and a beta of 0.96. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business posted $0.98 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.98%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. OFG Bancorp’s payout ratio is presently 28.44%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on OFG shares. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd.

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.