Mutual of America Capital Management LLC Sells 722 Shares of OFG Bancorp (NYSE:OFG)

Mutual of America Capital Management LLC decreased its holdings in shares of OFG Bancorp (NYSE:OFG) by 9.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,004 shares of the bank’s stock after selling 722 shares during the period. Mutual of America Capital Management LLC’s holdings in OFG Bancorp were worth $315,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Arizona State Retirement System increased its holdings in shares of OFG Bancorp by 1.9% during the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after buying an additional 247 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of 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 in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of OFG Bancorp by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after buying an additional 412 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of OFG Bancorp by 7.6% during the second quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock worth $299,000 after buying an additional 566 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of OFG Bancorp by 0.4% during the second quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after buying an additional 568 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler dropped their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $45.99 on Friday. 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 firm has a market cap of $2.11 billion, a P/E ratio of 11.19 and a beta of 1.00. The firm has a 50 day simple moving average of $43.06 and a 200 day simple moving average of $41.43. OFG Bancorp has a fifty-two week low of $32.96 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. Sell-side analysts predict that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

OFG Bancorp declared that its Board of Directors has authorized a share repurchase program on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

OFG Bancorp 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.