OFG Bancorp (NYSE:OFG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its position in shares of OFG Bancorp (NYSE:OFG) by 91.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,903 shares of the bank’s stock after selling 170,228 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in OFG Bancorp were worth $673,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of OFG. GAMMA Investing LLC raised its position in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. R Squared Ltd acquired a new position in OFG Bancorp in the 4th quarter worth approximately $44,000. Blue Trust Inc. grew its holdings in shares of OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after buying an additional 1,070 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,927 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its position in OFG Bancorp by 736.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock worth $101,000 after buying an additional 2,100 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 0.2 %

OFG stock opened at $41.66 on Monday. The business’s fifty day moving average price is $42.74 and its two-hundred day moving average price is $43.25. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 9.87 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping 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 in the previous year, the business posted $0.98 earnings per share. On average, equities analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 2.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.88%. OFG Bancorp’s dividend payout ratio (DPR) is currently 23.70%.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the 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 sale, the chief executive officer now owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.11% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Wells Fargo & Company lifted their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd.

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.