Maryland State Retirement & Pension System Sells 267 Shares of OFG Bancorp (NYSE:OFG)

Maryland State Retirement & Pension System trimmed its stake in OFG Bancorp (NYSE:OFG) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,457 shares of the bank’s stock after selling 267 shares during the period. Maryland State Retirement & Pension System’s holdings in OFG Bancorp were worth $654,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares in the last quarter. R Squared Ltd bought a new position in shares of OFG Bancorp during the 4th quarter worth approximately $44,000. Smartleaf Asset Management LLC lifted its position in OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock valued at $44,000 after acquiring an additional 680 shares during the last quarter. Blue Trust Inc. boosted its stake in OFG Bancorp by 84.8% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock valued at $93,000 after acquiring an additional 946 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in OFG Bancorp by 736.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock worth $101,000 after purchasing an additional 2,100 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on OFG shares. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Wells Fargo & Company boosted their price target on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd.

OFG Bancorp Stock Performance

Shares of OFG opened at $41.13 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The stock has a 50-day moving average of $42.12 and a two-hundred day moving average of $42.81. The stock has a market cap of $1.87 billion, a P/E ratio of 9.75 and a beta of 0.96. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, research analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio (DPR) is 28.44%.

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.