Principal Financial Group Inc. Acquires 6,392 Shares of OFG Bancorp (NYSE:OFG)

Principal Financial Group Inc. raised its stake in shares of OFG Bancorp (NYSE:OFG) by 2.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,774 shares of the bank’s stock after buying an additional 6,392 shares during the period. Principal Financial Group Inc. owned 0.55% of OFG Bancorp worth $10,655,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after buying an additional 1,070 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in OFG Bancorp by 11.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,660 shares of the bank’s stock worth $1,273,000 after acquiring an additional 3,041 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after acquiring an additional 1,927 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of OFG Bancorp in the third quarter valued at about $759,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of OFG Bancorp in the third quarter worth about $209,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Up 0.8 %

OFG stock opened at $42.42 on Friday. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.95 billion, a PE ratio of 10.05 and a beta of 1.00. The business’s 50-day simple moving average is $42.71 and its 200 day simple moving average is $43.24.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter last year, the firm posted $0.98 EPS. On average, research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. OFG Bancorp’s dividend payout ratio is currently 28.44%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on OFG shares. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Wells Fargo & Company increased their price objective on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares in the company, 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 is accessible through this link. Corporate insiders own 2.16% of the company’s stock.

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.