Principal Financial Group Inc. Has $11.02 Million Stock Position in OFG Bancorp (NYSE:OFG)

Principal Financial Group Inc. trimmed its stake in OFG Bancorp (NYSE:OFG) by 4.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 245,382 shares of the bank’s stock after selling 11,064 shares during the period. Principal Financial Group Inc. owned about 0.53% of OFG Bancorp worth $11,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of OFG Bancorp in the 3rd quarter worth about $984,000. Raffles Associates LP boosted its holdings in shares of OFG Bancorp by 9.3% during the 2nd quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares in the last quarter. Foundry Partners LLC bought a new stake in shares of OFG Bancorp in the 3rd quarter valued at $6,038,000. State Street Corp boosted its stake in OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in OFG Bancorp in the third quarter worth $759,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Price Performance

OFG opened at $43.20 on Monday. The firm has a market cap of $1.98 billion, a P/E ratio of 10.51 and a beta of 1.02. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current 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 firm has a 50-day moving average of $43.26 and a 200 day moving average of $42.49.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 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 firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. During the same quarter in the previous year, the company posted $0.95 EPS. OFG Bancorp’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts expect that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp declared that its Board of Directors has approved a stock repurchase plan on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler lowered their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.11% of the stock is currently owned by corporate insiders.

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.