Wedge Capital Management L L P NC Buys 1,773 Shares of OFG Bancorp (NYSE:OFG)

Wedge Capital Management L L P NC lifted its stake in OFG Bancorp (NYSE:OFG) by 11.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,243 shares of the bank’s stock after buying an additional 1,773 shares during the period. Wedge Capital Management L L P NC’s holdings in OFG Bancorp were worth $646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in OFG. Panagora Asset Management Inc. bought a new stake in OFG Bancorp during the third quarter worth $4,205,000. Knights of Columbus Asset Advisors LLC lifted its stake in OFG Bancorp by 94.6% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 196,042 shares of the bank’s stock worth $7,348,000 after purchasing an additional 95,282 shares during the last quarter. American Century Companies Inc. lifted its stake in OFG Bancorp by 9.9% during the third quarter. American Century Companies Inc. now owns 568,693 shares of the bank’s stock worth $16,981,000 after purchasing an additional 51,391 shares during the last quarter. Kennedy Capital Management LLC lifted its stake in OFG Bancorp by 28.1% during the third quarter. Kennedy Capital Management LLC now owns 178,319 shares of the bank’s stock worth $5,325,000 after purchasing an additional 39,094 shares during the last quarter. Finally, FMR LLC lifted its stake in OFG Bancorp by 20.7% during the third quarter. FMR LLC now owns 188,557 shares of the bank’s stock worth $5,630,000 after purchasing an additional 32,400 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company cut their target price on OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th.

Insider Activity at OFG Bancorp

In related news, insider Ganesh Kumar sold 15,768 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $35.91, for a total value of $566,228.88. Following the completion of the sale, the insider now directly owns 119,037 shares in the company, valued at $4,274,618.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 34,536 shares of company stock worth $1,238,317 over the last three months. Company insiders own 3.11% of the company’s stock.

OFG Bancorp Stock Down 0.4 %

Shares of OFG opened at $36.33 on Friday. OFG Bancorp has a 52 week low of $22.34 and a 52 week high of $39.04. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 9.29 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a fifty day moving average of $35.77 and a 200-day moving average of $34.90.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The company had revenue of $213.49 million during the quarter, compared to analysts’ expectations of $175.20 million. During the same period in the prior year, the company earned $0.96 EPS. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.02 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.75%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio is presently 25.58%.

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.