OFG Bancorp (NYSE:OFG) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of OFG Bancorp (NYSE:OFG) by 4.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 245,382 shares of the bank’s stock after selling 11,064 shares during the quarter. Principal Financial Group Inc. owned approximately 0.53% of OFG Bancorp worth $11,023,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OFG. Olympiad Research LP boosted its holdings in shares of OFG Bancorp by 15.3% during the third quarter. Olympiad Research LP now owns 8,256 shares of the bank’s stock valued at $371,000 after acquiring an additional 1,095 shares during the period. Robeco Institutional Asset Management B.V. acquired a new stake in shares of OFG Bancorp in the third quarter valued at approximately $209,000. Janney Montgomery Scott LLC bought a new stake in shares of OFG Bancorp during the third quarter valued at approximately $759,000. Farther Finance Advisors LLC boosted its position in shares of OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after buying an additional 1,927 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in OFG Bancorp by 11.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,660 shares of the bank’s stock worth $1,273,000 after buying an additional 3,041 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $43.77 on Monday. OFG Bancorp has a fifty-two week low of $32.96 and a fifty-two week high of $47.57. The firm’s 50 day simple moving average is $42.88 and its 200-day simple moving average is $41.05. 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 company has a market cap of $2.01 billion, a P/E ratio of 10.65 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. During the same period last year, the company earned $0.95 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities research analysts predict that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its board has initiated a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 2.28%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

Wall Street Analyst Weigh In

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

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.