New York State Common Retirement Fund Lowers Stock Position in OFG Bancorp (NYSE:OFG)

New York State Common Retirement Fund lessened its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 37.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,289 shares of the bank's stock after selling 9,700 shares during the quarter. New York State Common Retirement Fund's holdings in OFG Bancorp were worth $689,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. raised its position in OFG Bancorp by 2.6% during the 4th quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank's stock worth $10,655,000 after buying an additional 6,392 shares during the last quarter. Rhumbline Advisers increased its position in OFG Bancorp by 1.3% during the 4th quarter. Rhumbline Advisers now owns 136,503 shares of the bank's stock worth $5,777,000 after purchasing an additional 1,785 shares during the period. Empowered Funds LLC purchased a new position in shares of OFG Bancorp during the 4th quarter worth approximately $4,570,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of OFG Bancorp by 17.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,701 shares of the bank's stock valued at $1,456,000 after buying an additional 5,041 shares during the period. Finally, EMC Capital Management boosted its stake in shares of OFG Bancorp by 92.8% in the fourth quarter. EMC Capital Management now owns 18,214 shares of the bank's stock valued at $771,000 after buying an additional 8,766 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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OFG Bancorp Price Performance

OFG traded up $0.28 during midday trading on Friday, reaching $40.85. 122,888 shares of the company's stock were exchanged, compared to its average volume of 339,201. The business's 50-day moving average price is $42.61 and its 200 day moving average price is $43.22. The stock has a market capitalization of $1.85 billion, a PE ratio of 9.68 and a beta of 0.96. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter last year, the company earned $0.98 EPS. As a group, equities analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.30 per share. This is a boost from OFG Bancorp's previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.94%. OFG Bancorp's dividend payout ratio (DPR) is 28.44%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OFG. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, January 23rd.

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.