Dimensional Fund Advisors LP Sells 24,152 Shares of OFG Bancorp (NYSE:OFG)

Dimensional Fund Advisors LP trimmed its holdings in OFG Bancorp (NYSE:OFG) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,507,775 shares of the bank’s stock after selling 24,152 shares during the quarter. Dimensional Fund Advisors LP owned 7.46% of OFG Bancorp worth $131,365,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in 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 period. American Century Companies Inc. lifted its position in OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after purchasing an additional 136,813 shares during the period. First Trust Advisors LP lifted its position in OFG Bancorp by 15.4% in the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after purchasing an additional 100,661 shares during the period. Goldman Sachs Group Inc. lifted its position in OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after purchasing an additional 225,666 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in OFG Bancorp by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after purchasing an additional 2,757 shares during the period. 92.73% of the stock is owned by institutional investors.

Insider Transactions at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OFG has been the subject of several research reports. Hovde Group raised their target price on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company increased their price objective on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Piper Sandler assumed coverage on OFG Bancorp in a research note on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $44.68 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a fifty day moving average price of $43.88 and a two-hundred day moving average price of $39.11. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The firm has a market capitalization of $2.10 billion, a P/E ratio of 11.43 and a beta of 0.99.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. During the same period last year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, analysts anticipate that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.24%. OFG Bancorp’s payout ratio is 25.58%.

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.