OFG Bancorp (NYSE:OFG) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 30.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,806 shares of the bank's stock after selling 175,581 shares during the period. Millennium Management LLC owned 0.85% of OFG Bancorp worth $14,973,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OFG. New Millennium Group LLC purchased a new position in shares of OFG Bancorp in the 2nd quarter worth about $30,000. CWM LLC lifted its position in OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank's stock valued at $70,000 after buying an additional 1,112 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in OFG Bancorp during the second quarter worth approximately $90,000. EntryPoint Capital LLC purchased a new stake in OFG Bancorp during the first quarter worth approximately $121,000. Finally, Lazard Asset Management LLC increased its position in shares of OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank's stock worth $153,000 after acquiring an additional 2,804 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the business's stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the sale, the director now directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.11% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Hovde Group upped their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 22nd. Wells Fargo & Company upped 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 assumed coverage on OFG Bancorp in a report on Monday, August 26th. They set an "overweight" rating and a $49.00 target price on the stock.

OFG Bancorp Stock Performance

Shares of NYSE:OFG traded down $0.41 during trading on Monday, reaching $42.65. 167,098 shares of the company's stock traded hands, compared to its average volume of 229,074. The stock has a market capitalization of $1.99 billion, a P/E ratio of 10.93 and a beta of 0.98. OFG Bancorp has a 12 month low of $28.32 and a 12 month high of $47.57. The company has a 50 day moving average of $43.76 and a 200-day moving average of $39.65. The company has a debt-to-equity ratio of 0.16, 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 Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping the consensus estimate of $0.96 by $0.12. The business had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 earnings per share. On average, equities analysts expect that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Monday, September 30th. OFG Bancorp's dividend payout ratio is currently 25.58%.

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.