Rhumbline Advisers Purchases 568 Shares of OFG Bancorp (NYSE:OFG)

Rhumbline Advisers lifted its position in shares of OFG Bancorp (NYSE:OFG) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,512 shares of the bank’s stock after purchasing an additional 568 shares during the period. Rhumbline Advisers owned 0.30% of OFG Bancorp worth $5,262,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of OFG. Goldman Sachs Group Inc. grew its holdings in OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after buying an additional 225,666 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after buying an additional 100,661 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of OFG Bancorp by 1.1% in the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after purchasing an additional 63,883 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in OFG Bancorp by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 30,814 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of OFG Bancorp by 172.3% in the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after acquiring an additional 23,075 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Piper Sandler began coverage on OFG Bancorp in a research note on Monday, August 26th. They issued an “overweight” rating and a $49.00 price objective for the company. Wells Fargo & Company raised their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Finally, Hovde Group upped their price objective on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd.

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the transaction, the director now directly owns 70,919 shares in the company, valued at $3,243,125.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is currently owned by corporate insiders.

OFG Bancorp Price Performance

OFG stock opened at $43.87 on Monday. The firm’s 50-day moving average price is $43.23 and its two-hundred day moving average price is $38.83. OFG Bancorp has a 12-month low of $28.18 and a 12-month high of $47.57. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 11.22 and a beta of 0.99. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. The business had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.93 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 4.27 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.28%. OFG Bancorp’s payout ratio is 25.58%.

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.