Louisiana State Employees Retirement System Sells 300 Shares of OFG Bancorp (NYSE:OFG)

Louisiana State Employees Retirement System lessened its position in OFG Bancorp (NYSE:OFG) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,200 shares of the bank’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in OFG Bancorp were worth $940,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Empowered Funds LLC bought a new stake in shares of OFG Bancorp during the 4th quarter worth about $4,570,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of OFG Bancorp by 17.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,701 shares of the bank’s stock worth $1,456,000 after buying an additional 5,041 shares during the period. EMC Capital Management boosted its holdings in shares of OFG Bancorp by 92.8% during the 4th quarter. EMC Capital Management now owns 18,214 shares of the bank’s stock worth $771,000 after buying an additional 8,766 shares during the period. R Squared Ltd bought a new stake in shares of OFG Bancorp during the 4th quarter worth about $44,000. Finally, KBC Group NV boosted 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 buying an additional 745 shares during the period. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on OFG shares. Wells Fargo & Company lifted their target price on shares of 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 boosted their price objective 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.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $41.74 on Tuesday. The firm has a 50 day moving average of $42.91 and a 200-day moving average of $43.25. The stock has a market capitalization of $1.92 billion, a PE ratio of 9.89 and a beta of 1.00. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the firm posted $0.98 earnings per share. On average, equities research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 2.87%. OFG Bancorp’s payout ratio is presently 23.70%.

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

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.