OFG Bancorp (NYSE:OFG) Shares Sold by Summit Global Investments

Summit Global Investments lessened its stake in OFG Bancorp (NYSE:OFG) by 11.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,481 shares of the bank’s stock after selling 4,123 shares during the quarter. Summit Global Investments owned about 0.07% of OFG Bancorp worth $1,290,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after purchasing an additional 263 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of OFG Bancorp by 196.5% in the 4th 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 period. R Squared Ltd purchased a new position in shares of OFG Bancorp in the 4th quarter valued at $44,000. Blue Trust Inc. raised its stake in shares of OFG Bancorp by 84.8% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock valued at $93,000 after acquiring an additional 946 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of OFG Bancorp by 736.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock valued at $101,000 after acquiring an additional 2,100 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

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

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $40.25 on Friday. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 9.54 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The firm’s fifty day moving average price is $42.12 and its 200 day moving average price is $42.84.

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

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.30 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 2.98%. OFG Bancorp’s payout ratio is 28.44%.

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.