Wellington Management Group LLP Has $28.96 Million Holdings in OFG Bancorp (NYSE:OFG)

Wellington Management Group LLP lessened its holdings in shares of OFG Bancorp (NYSE:OFG) by 3.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 772,706 shares of the bank’s stock after selling 30,535 shares during the quarter. Wellington Management Group LLP’s holdings in OFG Bancorp were worth $28,961,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vest Financial LLC acquired a new position in shares of OFG Bancorp during the fourth quarter worth $241,000. MQS Management LLC acquired a new position in OFG Bancorp in the third quarter valued at $268,000. Diversified Trust Co acquired a new position in OFG Bancorp in the third quarter valued at $374,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in OFG Bancorp by 7.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,890 shares of the bank’s stock valued at $483,000 after buying an additional 931 shares during the period. Finally, Wedge Capital Management L L P NC lifted its holdings in OFG Bancorp by 11.5% in the fourth quarter. Wedge Capital Management L L P NC now owns 17,243 shares of the bank’s stock valued at $646,000 after buying an additional 1,773 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Insider Transactions at OFG Bancorp

In other news, insider Ganesh Kumar sold 6,695 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total transaction of $253,941.35. Following the completion of the sale, the insider now directly owns 76,578 shares of the company’s stock, valued at $2,904,603.54. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 42,537 shares of company stock valued at $1,582,982 over the last three months. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $37.23 on Tuesday. The firm’s 50-day moving average price is $36.63 and its 200-day moving average price is $36.41. OFG Bancorp has a 1-year low of $25.25 and a 1-year high of $39.04. The firm has a market capitalization of $1.75 billion, a P/E ratio of 9.52 and a beta of 1.07. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.17.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The firm had revenue of $213.49 million for the quarter, compared to analyst estimates of $175.20 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. Equities research analysts anticipate that OFG Bancorp will post 4.02 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Friday, June 28th. OFG Bancorp’s payout ratio is presently 25.58%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company dropped their target price on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

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.