Natixis Advisors LLC Sells 259 Shares of OFG Bancorp (NYSE:OFG)

Natixis Advisors LLC cut its position in OFG Bancorp (NYSE:OFG) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,939 shares of the bank’s stock after selling 259 shares during the period. Natixis Advisors LLC owned about 0.06% of OFG Bancorp worth $1,300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of OFG. Arizona State Retirement System boosted its holdings in shares of OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in OFG Bancorp by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after buying an additional 300 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in OFG Bancorp by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after buying an additional 412 shares during the last quarter. XTX Topco Ltd grew its holdings in OFG Bancorp by 7.6% during the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock valued at $299,000 after buying an additional 566 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after acquiring an additional 568 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Trading Down 1.3 %

Shares of NYSE OFG opened at $46.12 on Wednesday. OFG Bancorp has a 1-year low of $32.96 and a 1-year high of $47.66. The business has a fifty day moving average price of $43.00 and a 200 day moving average price of $41.34. The stock has a market capitalization of $2.12 billion, a P/E ratio of 11.22 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same period in the prior year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Equities research analysts expect that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp declared that its board has authorized a share repurchase program on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Piper Sandler cut their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

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.