Janney Montgomery Scott LLC Sells 9,391 Shares of OFG Bancorp (NYSE:OFG)

Janney Montgomery Scott LLC trimmed its stake in OFG Bancorp (NYSE:OFG - Free Report) by 55.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,511 shares of the bank's stock after selling 9,391 shares during the period. Janney Montgomery Scott LLC's holdings in OFG Bancorp were worth $318,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Mitsubishi UFJ Asset Management UK Ltd. increased its position in OFG Bancorp by 38.1% in the 4th quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 29,000 shares of the bank's stock worth $1,227,000 after buying an additional 8,000 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in OFG Bancorp by 736.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank's stock worth $101,000 after buying an additional 2,100 shares during the period. Wedge Capital Management L L P NC increased its position in OFG Bancorp by 9.6% in the 4th quarter. Wedge Capital Management L L P NC now owns 21,959 shares of the bank's stock worth $929,000 after buying an additional 1,931 shares during the period. Range Financial Group LLC bought a new position in OFG Bancorp in the 4th quarter worth approximately $1,795,000. Finally, Diversified Trust Co increased its position in OFG Bancorp by 9.5% in the 4th quarter. Diversified Trust Co now owns 15,399 shares of the bank's stock worth $652,000 after buying an additional 1,330 shares during the period. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Price Performance

OFG stock traded down $1.60 during trading on Friday, hitting $41.74. The company had a trading volume of 580,362 shares, compared to its average volume of 336,227. The company has a fifty day moving average price of $42.97 and a two-hundred day moving average price of $43.28. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.92 billion, a P/E ratio of 9.89 and a beta of 1.00. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating 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 last year, the business posted $0.98 EPS. Equities research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.30 dividend. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 2.87%. OFG Bancorp's payout ratio is currently 23.70%.

OFG Bancorp declared that its board has approved a share repurchase program on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OFG. Wells Fargo & Company lifted their price target on OFG Bancorp from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares of the company's stock, valued at $12,883,221. The trade was a 14.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.11% of the stock is owned by insiders.

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.