KLP Kapitalforvaltning AS Purchases New Position in OFG Bancorp (NYSE:OFG)

KLP Kapitalforvaltning AS bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,100 shares of the bank's stock, valued at approximately $430,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. GAMMA Investing LLC boosted its holdings 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 buying an additional 263 shares during the period. Smartleaf Asset Management LLC boosted its holdings in OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock valued at $44,000 after acquiring an additional 680 shares during the period. R Squared Ltd acquired a new stake in shares of OFG Bancorp in the fourth quarter valued at about $44,000. Blue Trust Inc. increased its stake in shares of OFG Bancorp by 84.8% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock worth $93,000 after purchasing an additional 946 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of OFG Bancorp by 736.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank's stock worth $101,000 after purchasing an additional 2,100 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analyst Ratings Changes

OFG has been the topic of a number of research analyst reports. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $48.00 to $42.00 in a report on Wednesday. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd.

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OFG Bancorp Stock Performance

Shares of OFG stock traded up $2.13 during mid-day trading on Wednesday, reaching $36.91. The stock had a trading volume of 465,740 shares, compared to its average volume of 294,290. The firm has a market cap of $1.68 billion, a PE ratio of 8.75 and a beta of 0.74. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The firm's 50 day simple moving average is $40.61 and its 200 day simple moving average is $42.25.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the prior year, the company earned $0.98 EPS. On average, analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.25%. The ex-dividend date is Monday, March 31st. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's dividend payout ratio is 28.44%.

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.