Easterly Investment Partners LLC Lowers Position in OFG Bancorp (NYSE:OFG)

Easterly Investment Partners LLC lowered its stake in OFG Bancorp (NYSE:OFG) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,787 shares of the bank’s stock after selling 2,000 shares during the quarter. Easterly Investment Partners LLC’s holdings in OFG Bancorp were worth $516,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OFG. Goldman Sachs Group Inc. increased its stake in shares of OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after buying an additional 225,666 shares during the period. First Trust Advisors LP lifted its position in shares of OFG Bancorp by 15.4% during the 4th quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after purchasing an additional 100,661 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after purchasing an additional 63,883 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in OFG Bancorp by 38.2% in the fourth quarter. Panagora Asset Management Inc. now owns 194,528 shares of the bank’s stock valued at $7,291,000 after buying an additional 53,719 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in OFG Bancorp by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after buying an additional 30,814 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

OFG Bancorp stock traded up $0.25 during trading hours on Monday, reaching $45.20. 24,800 shares of the stock were exchanged, compared to its average volume of 229,751. The firm’s 50 day moving average is $40.96 and its 200 day moving average is $37.92. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The stock has a market cap of $2.10 billion, a P/E ratio of 11.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The firm had revenue of $179.40 million for the quarter, compared to the consensus estimate of $176.09 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.21%. OFG Bancorp’s payout ratio is currently 25.58%.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.11% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OFG has been the topic of several research analyst reports. Hovde Group raised their target price on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Piper Sandler started coverage on shares of OFG Bancorp in a report on Monday. They set an “overweight” rating and a $49.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

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.