State Street Corp Acquires 19,372 Shares of OFG Bancorp (NYSE:OFG)

State Street Corp lifted its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 0.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,177,560 shares of the bank's stock after purchasing an additional 19,372 shares during the period. State Street Corp owned approximately 4.74% of OFG Bancorp worth $98,354,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OFG. New Millennium Group LLC acquired a new stake in OFG Bancorp during the 2nd quarter valued at $30,000. Blue Trust Inc. boosted its position 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 during the period. CWM LLC grew its stake in OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank's stock valued at $70,000 after acquiring an additional 1,112 shares in the last quarter. Quarry LP increased its holdings in shares of OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank's stock valued at $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock worth $89,000 after purchasing an additional 1,927 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 1.1 %

NYSE OFG traded up $0.49 during trading on Monday, hitting $44.15. 301,430 shares of the company traded hands, compared to its average volume of 240,748. The company has a market capitalization of $2.03 billion, a P/E ratio of 10.74 and a beta of 1.02. The business has a fifty day simple moving average of $43.31 and a 200 day simple moving average of $42.15. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

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

OFG Bancorp declared that its board has approved a stock repurchase plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.27%. OFG Bancorp's payout ratio is presently 24.33%.

Insider Activity at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Piper Sandler lowered their price objective 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. Keefe, Bruyette & Woods upped their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price objective on OFG Bancorp from $48.00 to $49.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd.

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.