Cubist Systematic Strategies LLC Cuts Stake in OFG Bancorp (NYSE:OFG)

Cubist Systematic Strategies LLC cut its stake in OFG Bancorp (NYSE:OFG - Free Report) by 14.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,121 shares of the bank's stock after selling 23,602 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.30% of OFG Bancorp worth $5,360,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in OFG. TD Asset Management Inc raised its position in OFG Bancorp by 1.9% in the fourth quarter. TD Asset Management Inc now owns 55,000 shares of the bank's stock valued at $2,061,000 after purchasing an additional 1,000 shares during the period. Rafferty Asset Management LLC raised its position in OFG Bancorp by 44.0% in the fourth quarter. Rafferty Asset Management LLC now owns 43,357 shares of the bank's stock valued at $1,625,000 after purchasing an additional 13,244 shares during the period. First Trust Advisors LP raised its position in OFG Bancorp by 15.4% in the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank's stock valued at $28,213,000 after purchasing an additional 100,661 shares during the period. Goldman Sachs Group Inc. raised its position in OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank's stock valued at $22,905,000 after purchasing an additional 225,666 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in OFG Bancorp by 3.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank's stock valued at $11,358,000 after purchasing an additional 10,186 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.1 %

Shares of NYSE OFG opened at $44.41 on Friday. OFG Bancorp has a 1 year low of $28.32 and a 1 year high of $47.57. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 11.36 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock's 50-day simple moving average is $44.06 and its 200-day simple moving average is $39.33.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.12. The business had revenue of $179.40 million during the quarter, compared to the consensus estimate of $176.09 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.93 earnings per share. As a group, equities analysts anticipate that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. OFG Bancorp's dividend payout ratio (DPR) is 25.58%.

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares in the company, valued at $3,243,125.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Hovde Group raised their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an "overweight" rating in a research report on Monday, July 22nd. Finally, Piper Sandler initiated coverage on OFG Bancorp in a research report on Monday, August 26th. They set an "overweight" rating and a $49.00 target price on the stock.

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.

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