OFG Bancorp $OFG Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its position in shares of OFG Bancorp (NYSE:OFG) by 1.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 139,848 shares of the bank’s stock after selling 2,740 shares during the period. Franklin Resources Inc. owned about 0.31% of OFG Bancorp worth $5,985,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OFG. Charles Schwab Investment Management Inc. grew its holdings in OFG Bancorp by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank’s stock worth $67,561,000 after acquiring an additional 35,960 shares in the last quarter. American Century Companies Inc. grew its stake in shares of OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank’s stock worth $50,850,000 after purchasing an additional 102,755 shares in the last quarter. Nuveen LLC acquired a new position in shares of OFG Bancorp during the first quarter worth $44,749,000. Geode Capital Management LLC increased its holdings in OFG Bancorp by 0.6% in the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock valued at $47,548,000 after buying an additional 6,241 shares during the last quarter. Finally, Millennium Management LLC raised its stake in OFG Bancorp by 73.1% in the first quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock valued at $21,372,000 after buying an additional 225,472 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

OFG has been the subject of several analyst reports. Wells Fargo & Company lowered their price objective on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Truist Financial lowered their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Zacks Research upgraded shares of OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Keefe, Bruyette & Woods reduced their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a report on Tuesday, November 25th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.17.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $39.73 on Monday. The stock has a market cap of $1.75 billion, a P/E ratio of 9.03 and a beta of 0.84. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $46.54. The stock has a 50 day moving average of $41.12 and a two-hundred day moving average of $42.40. The company has a current ratio of 0.85, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business had revenue of $186.18 million for the quarter, compared to analysts’ expectations of $186.71 million. During the same period in the previous year, the company posted $1.00 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 27.27%.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares in the company, valued at approximately $7,562,441.25. This represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jorge Colon sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares in the company, valued at approximately $1,125,131.55. This represents a 47.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,000 shares of company stock valued at $2,247,747 over the last ninety days. Corporate insiders own 3.11% of the company’s stock.

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.