OFG Bancorp (NYSE:OFG) Shares Sold by Raffles Associates LP

Raffles Associates LP trimmed its holdings in OFG Bancorp (NYSE:OFG) by 14.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 120,067 shares of the bank’s stock after selling 21,000 shares during the period. OFG Bancorp accounts for approximately 5.5% of Raffles Associates LP’s holdings, making the stock its 5th largest holding. Raffles Associates LP’s holdings in OFG Bancorp were worth $5,393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. American Century Companies Inc. increased its holdings in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after buying an additional 136,813 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of OFG Bancorp by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after purchasing an additional 2,757 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of OFG Bancorp by 4.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank’s stock worth $10,093,000 after purchasing an additional 11,603 shares during the period. FMR LLC lifted its stake in shares of OFG Bancorp by 8.1% in the 3rd quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after purchasing an additional 15,498 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of OFG Bancorp by 2.1% during the 2nd quarter. Victory Capital Management Inc. now owns 174,203 shares of the bank’s stock worth $6,524,000 after purchasing an additional 3,596 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Down 0.8 %

Shares of OFG Bancorp stock opened at $45.60 on Friday. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 11.09 and a beta of 1.00. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average price of $43.07 and a 200 day moving average price of $41.46.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. OFG Bancorp’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Equities research analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has initiated a share repurchase plan 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 plans are typically a sign that the company’s leadership believes its stock is undervalued.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is 24.33%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

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.