Allspring Global Investments Holdings LLC Reduces Stock Position in OFG Bancorp (NYSE:OFG)

Allspring Global Investments Holdings LLC lessened its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 91.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,903 shares of the bank's stock after selling 170,228 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in OFG Bancorp were worth $673,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of OFG. Foundry Partners LLC acquired a new position in shares of OFG Bancorp in the 3rd quarter valued at approximately $6,038,000. Empowered Funds LLC bought a new position in shares of OFG Bancorp in the 4th quarter valued at about $4,570,000. Intech Investment Management LLC grew its position in shares of OFG Bancorp by 411.3% in the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank's stock valued at $2,892,000 after acquiring an additional 51,798 shares during the period. Barclays PLC increased its stake in shares of OFG Bancorp by 83.6% during the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank's stock worth $4,314,000 after purchasing an additional 43,738 shares during the last quarter. Finally, Range Financial Group LLC bought a new stake in shares of OFG Bancorp in the 4th quarter valued at about $1,795,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on OFG shares. Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd.

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OFG Bancorp Stock Up 1.0 %

Shares of OFG traded up $0.43 during trading hours on Thursday, hitting $42.13. The stock had a trading volume of 352,238 shares, compared to its average volume of 348,946. The firm has a 50 day simple moving average of $42.67 and a 200-day simple moving average of $43.24. The firm has a market capitalization of $1.93 billion, a P/E ratio of 9.98 and a beta of 1.00. 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 has a 1-year low of $33.19 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping the consensus estimate 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 period in the prior year, the firm earned $0.98 earnings per share. Sell-side analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 of this dividend is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.85%. OFG Bancorp's dividend payout ratio is 28.44%.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company's stock in a transaction 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 owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.16% of the company's stock.

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.