Bank of New York Mellon Corp Sells 12,208 Shares of OFG Bancorp (NYSE:OFG)

Bank of New York Mellon Corp reduced its position in shares of OFG Bancorp (NYSE:OFG) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 453,258 shares of the bank’s stock after selling 12,208 shares during the period. Bank of New York Mellon Corp owned 0.99% of OFG Bancorp worth $19,182,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OFG. Ieq Capital LLC acquired a new position in OFG Bancorp during the 4th quarter valued at $210,000. Principal Financial Group Inc. raised its stake in OFG Bancorp by 2.6% during the 4th quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank’s stock valued at $10,655,000 after purchasing an additional 6,392 shares during the last quarter. Rhumbline Advisers raised its stake in OFG Bancorp by 1.3% during the 4th quarter. Rhumbline Advisers now owns 136,503 shares of the bank’s stock valued at $5,777,000 after purchasing an additional 1,785 shares during the last quarter. Empowered Funds LLC acquired a new position in OFG Bancorp during the 4th quarter valued at $4,570,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in OFG Bancorp by 17.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,701 shares of the bank’s stock valued at $1,456,000 after purchasing an additional 5,041 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Down 3.8 %

OFG opened at $39.23 on Tuesday. The firm’s 50-day simple moving average is $42.43 and its 200-day simple moving average is $43.16. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 9.30 and a beta of 0.96.

OFG Bancorp (NYSE:OFG) last posted its earnings results 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 net margin of 22.71% and a return on equity of 15.80%. During the same period last year, the business posted $0.98 EPS. Equities research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.06%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio is currently 28.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OFG shares. Keefe, Bruyette & Woods upped their target price on shares of 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 shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd.

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.