Wellington Management Group LLP Buys 19,599 Shares of OFG Bancorp (NYSE:OFG)

Wellington Management Group LLP increased its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 769,727 shares of the bank's stock after purchasing an additional 19,599 shares during the period. Wellington Management Group LLP owned 1.68% of OFG Bancorp worth $34,576,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of OFG. New Millennium Group LLC bought a new stake in OFG Bancorp in the second quarter worth $30,000. Blue Trust Inc. boosted its holdings in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock valued at $50,000 after purchasing an additional 1,070 shares in the last quarter. CWM LLC raised its stake in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank's stock valued at $70,000 after acquiring an additional 1,112 shares during the last quarter. Quarry LP raised its stake in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank's stock valued at $75,000 after acquiring an additional 996 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in OFG Bancorp by 4,014.6% in the 3rd 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 during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Wall Street Analyst Weigh In

OFG has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Piper Sandler dropped their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd.

OFG Bancorp Stock Down 0.8 %

OFG Bancorp stock traded down $0.35 during midday trading on Friday, hitting $43.51. 71,563 shares of the stock were exchanged, compared to its average volume of 239,884. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 10.67 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The business's 50-day moving average price is $43.27 and its 200-day moving average price is $41.97.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share 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 firm had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same period last year, the company posted $0.95 EPS. The business's revenue was up 1.1% on a year-over-year basis. On average, research analysts expect that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.30%. OFG Bancorp's dividend payout ratio is currently 24.33%.

OFG Bancorp announced that its board has initiated a share buyback plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.11% of the company's 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.