OFG Bancorp (NYSE:OFG) Stake Lowered by Polaris Capital Management LLC

Polaris Capital Management LLC cut its position in shares of OFG Bancorp (NYSE:OFG) by 13.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,200 shares of the bank’s stock after selling 22,600 shares during the period. Polaris Capital Management LLC owned 0.32% of OFG Bancorp worth $6,145,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the last quarter. R Squared Ltd acquired a new position in shares of OFG Bancorp during the 4th quarter valued at about $44,000. Blue Trust Inc. lifted its holdings in OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of OFG Bancorp by 736.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock worth $101,000 after buying an additional 2,100 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the transaction, the chief executive officer now owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.11% of the stock is owned by insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $43.22 on Tuesday. The company has a market capitalization of $1.98 billion, a P/E ratio of 10.24 and a beta of 1.00. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The company’s 50 day moving average price is $43.13 and its two-hundred day moving average price is $43.34.

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

OFG Bancorp declared that its board has authorized a stock repurchase program on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.30 per share. This is a boost 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 2.78%. OFG Bancorp’s dividend payout ratio is presently 23.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Piper Sandler dropped their target price 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. Finally, Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd.

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.