OFG Bancorp (NYSE:OFG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in OFG Bancorp (NYSE:OFGFree Report) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 33,724 shares of the bank’s stock after selling 816 shares during the period. Massachusetts Financial Services Co. MA’s holdings in OFG Bancorp were worth $1,515,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in OFG Bancorp by 1.1% in the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after buying an additional 63,883 shares during the last quarter. American Century Companies Inc. raised its position in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after acquiring an additional 136,813 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of OFG Bancorp by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after acquiring an additional 2,757 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in OFG Bancorp by 4.5% in the second quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank’s stock valued at $10,093,000 after purchasing an additional 11,603 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in OFG Bancorp by 2.1% in the second quarter. Victory Capital Management Inc. now owns 174,203 shares of the bank’s stock valued at $6,524,000 after purchasing an additional 3,596 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

Read Our Latest Research Report on OFG

OFG Bancorp Stock Down 0.3 %

OFG opened at $45.99 on Thursday. The stock has a market capitalization of $2.11 billion, a P/E ratio of 11.19 and a beta of 1.00. 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 one year low of $32.96 and a one year high of $47.66. The business’s 50-day simple moving average is $43.03 and its 200-day simple moving average is $41.39.

OFG Bancorp (NYSE:OFGGet Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. OFG Bancorp’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. Analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its Board of Directors has approved a share repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for OFG Bancorp (NYSE:OFG)

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