OFG Bancorp (NYSE:OFG) Position Trimmed by Franklin Resources Inc.

Franklin Resources Inc. reduced its position in OFG Bancorp (NYSE:OFG - Free Report) by 17.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,449 shares of the bank's stock after selling 44,413 shares during the period. Franklin Resources Inc. owned approximately 0.47% of OFG Bancorp worth $9,479,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of OFG. Blue Trust Inc. grew its holdings in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock worth $50,000 after acquiring an additional 1,070 shares in the last quarter. Quarry LP grew its stake in OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank's stock worth $75,000 after purchasing an additional 996 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock valued at $89,000 after buying an additional 1,927 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in OFG Bancorp by 56.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank's stock valued at $115,000 after buying an additional 926 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in OFG Bancorp during the 2nd quarter worth approximately $177,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

Shares of OFG traded up $0.81 during trading hours on Friday, reaching $41.81. 1,842,576 shares of the company's stock traded hands, compared to its average volume of 249,206. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 10.17 and a beta of 1.02. The business's fifty day simple moving average is $43.21 and its two-hundred day simple moving average is $42.25. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. Analysts predict that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its board has initiated a stock buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is presently 24.33%.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares of the company's stock, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OFG. Wells Fargo & Company boosted their price target on OFG Bancorp from $48.00 to $49.00 and gave the company an "overweight" rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, Piper Sandler reduced their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th.

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.