Barrow Hanley Mewhinney & Strauss LLC Sells 309,973 Shares of OFG Bancorp (NYSE:OFG)

Barrow Hanley Mewhinney & Strauss LLC reduced its stake in OFG Bancorp (NYSE:OFG) by 16.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,599,769 shares of the bank’s stock after selling 309,973 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC’s holdings in OFG Bancorp were worth $59,911,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sei Investments Co. increased its position in OFG Bancorp by 385.4% during the 2nd quarter. Sei Investments Co. now owns 30,364 shares of the bank’s stock valued at $1,137,000 after buying an additional 24,109 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of OFG Bancorp in the second quarter worth $472,000. Inspire Investing LLC bought a new position in shares of OFG Bancorp during the second quarter valued at $796,000. XTX Topco Ltd raised its position in shares of OFG Bancorp by 7.6% in the 2nd quarter. XTX Topco Ltd now owns 7,974 shares of the bank’s stock worth $299,000 after purchasing an additional 566 shares during the last quarter. Finally, Denali Advisors LLC bought a new position in OFG Bancorp in the 2nd quarter worth about $1,232,000. 92.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

OFG Bancorp Price Performance

OFG opened at $44.68 on Friday. The company’s 50-day simple moving average is $43.88 and its two-hundred day simple moving average is $39.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $2.10 billion, a P/E ratio of 11.43 and a beta of 0.99. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data 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 net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $179.40 million for the quarter, compared to the consensus estimate of $176.09 million. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts predict that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. 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 dividend payout ratio (DPR) is currently 25.58%.

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.