EMC Capital Management Sells 12,060 Shares of OFG Bancorp $OFG

EMC Capital Management cut its stake in OFG Bancorp (NYSE:OFG) by 66.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,154 shares of the bank’s stock after selling 12,060 shares during the quarter. EMC Capital Management’s holdings in OFG Bancorp were worth $263,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Cerity Partners LLC grew its stake in OFG Bancorp by 49.3% in the first quarter. Cerity Partners LLC now owns 14,338 shares of the bank’s stock valued at $574,000 after purchasing an additional 4,736 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of OFG Bancorp by 81.7% in the 1st quarter. New York State Common Retirement Fund now owns 29,589 shares of the bank’s stock valued at $1,184,000 after buying an additional 13,300 shares in the last quarter. Noesis Capital Mangement Corp purchased a new position in shares of OFG Bancorp in the 1st quarter worth approximately $280,000. Knights of Columbus Asset Advisors LLC grew its position in shares of OFG Bancorp by 2.7% in the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 53,033 shares of the bank’s stock worth $2,122,000 after buying an additional 1,408 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of OFG Bancorp during the 1st quarter worth approximately $1,240,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the sale, the director directly owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This represents a 47.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the 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 completion of the sale, the chief executive officer owned 184,675 shares in the company, valued at $7,562,441.25. The trade was a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 55,000 shares of company stock worth $2,247,747. 2.16% of the stock is owned by insiders.

OFG Bancorp Price Performance

Shares of OFG opened at $39.81 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.87. The company’s fifty day moving average price is $41.79 and its 200-day moving average price is $42.51. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm has a market capitalization of $1.75 billion, a PE ratio of 9.05 and a beta of 0.84.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.16. The company had revenue of $184.00 million during the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $1.00 EPS. On average, equities research analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. OFG Bancorp’s payout ratio is 27.27%.

Analysts Set New Price Targets

Several brokerages have weighed in on OFG. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Wednesday, October 8th. Truist Financial decreased their price objective on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Wells Fargo & Company dropped their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods lowered their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

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.