Amalgamated Bank Sells 639 Shares of OFG Bancorp (NYSE:OFG)

Amalgamated Bank lowered its holdings in shares of OFG Bancorp (NYSE:OFG) by 4.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,666 shares of the bank’s stock after selling 639 shares during the quarter. Amalgamated Bank’s holdings in OFG Bancorp were worth $614,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Arizona State Retirement System lifted its stake in shares of OFG Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in OFG Bancorp by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after buying an additional 300 shares during the period. SummerHaven Investment Management LLC increased its position in OFG Bancorp by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after acquiring an additional 412 shares during the last quarter. XTX Topco Ltd raised its stake in shares of OFG Bancorp by 7.6% in the second quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after acquiring an additional 566 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after acquiring an additional 568 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

NYSE OFG opened at $43.78 on Friday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 10.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s fifty day moving average price is $42.88 and its 200 day moving average price is $40.99. OFG Bancorp has a 1 year low of $32.96 and a 1 year high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company 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 business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. As a group, equities research analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current year.

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

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend 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 is currently 24.33%.

Analysts Set New Price Targets

Several brokerages have issued reports on OFG. Piper Sandler dropped their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Hovde Group upped their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd.

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.