Polaris Capital Management LLC Decreases Stake in OFG Bancorp (NYSE:OFG)

Polaris Capital Management LLC cut its stake in OFG Bancorp (NYSE:OFG - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,200 shares of the bank's stock after selling 22,600 shares during the period. Polaris Capital Management LLC owned about 0.32% of OFG Bancorp worth $6,145,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OFG. The Manufacturers Life Insurance Company grew its holdings in shares of OFG Bancorp by 3.9% in the second quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank's stock worth $895,000 after purchasing an additional 886 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of OFG Bancorp in the second quarter worth about $453,000. CWM LLC grew its holdings in shares of OFG Bancorp by 138.1% in the third quarter. CWM LLC now owns 4,448 shares of the bank's stock worth $200,000 after purchasing an additional 2,580 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of OFG Bancorp by 2,377.8% in the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock worth $50,000 after purchasing an additional 1,070 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in OFG Bancorp by 11.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,660 shares of the bank's stock worth $1,273,000 after acquiring an additional 3,041 shares during the period. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on OFG shares. Wells Fargo & Company upped their price objective on shares of 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 note on Thursday, January 23rd. Finally, Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th.

OFG Bancorp Stock Down 3.0 %

Shares of OFG stock traded down $1.31 during mid-day trading on Friday, hitting $42.03. 189,089 shares of the stock traded hands, compared to its average volume of 328,082. The stock has a market cap of $1.93 billion, a P/E ratio of 9.98 and a beta of 1.00. The stock's fifty day moving average is $43.03 and its two-hundred day moving average is $43.32. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. 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 (NYSE:OFG - Get Free Report) last released 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 net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business earned $0.98 earnings per share. Equities analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. OFG Bancorp's dividend payout ratio is presently 23.70%.

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

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the 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 sale, the chief executive officer now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.