Intech Investment Management LLC Cuts Stock Holdings in OFG Bancorp $OFG

Intech Investment Management LLC reduced its stake in OFG Bancorp (NYSE:OFG) by 6.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,106 shares of the bank’s stock after selling 12,726 shares during the period. Intech Investment Management LLC owned approximately 0.43% of OFG Bancorp worth $8,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in OFG Bancorp by 5.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock worth $494,000 after purchasing an additional 547 shares during the period. Police & Firemen s Retirement System of New Jersey grew its position in shares of OFG Bancorp by 4.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after buying an additional 396 shares in the last quarter. Geode Capital Management LLC grew its position in shares of OFG Bancorp by 0.6% during the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock worth $47,548,000 after buying an additional 6,241 shares in the last quarter. denkapparat Operations GmbH purchased a new stake in shares of OFG Bancorp during the second quarter worth approximately $240,000. Finally, CSM Advisors LLC acquired a new stake in OFG Bancorp in the second quarter valued at approximately $8,235,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at OFG Bancorp

In related news, Director Jorge Colon sold 25,000 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the sale, the director owned 27,543 shares in the company, valued at $1,125,131.55. This represents a 47.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the transaction, the chief executive officer directly owned 184,675 shares in the company, valued at $7,562,441.25. The trade was a 12.02% decrease in their ownership of the stock. 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 three months. Corporate insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Zacks Research upgraded shares of OFG Bancorp to a “hold” rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their target price on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Finally, UBS Group set a $50.00 price target on OFG Bancorp in a research note on Thursday, October 9th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.17.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $40.45 on Monday. The stock’s 50-day moving average is $41.98 and its two-hundred day moving average is $42.53. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.85. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 9.19 and a beta of 0.84.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. The business had revenue of $184.00 million during the quarter, compared to the consensus estimate of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 EPS. Analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed 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 annualized dividend 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%.

OFG Bancorp 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.