Principal Financial Group Inc. Acquires 6,392 Shares of OFG Bancorp (NYSE:OFG)

Principal Financial Group Inc. increased its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 251,774 shares of the bank's stock after buying an additional 6,392 shares during the quarter. Principal Financial Group Inc. owned 0.55% of OFG Bancorp worth $10,655,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. State Street Corp grew its position in shares of OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank's stock valued at $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank's stock worth $48,565,000 after acquiring an additional 4,398 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of OFG Bancorp by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank's stock valued at $34,576,000 after acquiring an additional 19,599 shares during the last quarter. FMR LLC grew its holdings in shares of OFG Bancorp by 8.1% in the third quarter. FMR LLC now owns 205,745 shares of the bank's stock valued at $9,242,000 after purchasing an additional 15,498 shares in the last quarter. Finally, Algert Global LLC increased its position in OFG Bancorp by 3.2% in the third quarter. Algert Global LLC now owns 166,804 shares of the bank's stock worth $7,493,000 after purchasing an additional 5,120 shares during the last quarter. Institutional investors own 92.73% of the company's stock.

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OFG Bancorp Price Performance

Shares of NYSE OFG traded down $0.46 during trading on Tuesday, reaching $41.63. The company had a trading volume of 125,896 shares, compared to its average volume of 340,019. The stock has a market capitalization of $1.91 billion, a PE ratio of 9.88 and a beta of 1.00. The stock has a 50-day moving average price of $42.70 and a two-hundred day moving average price of $43.25. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share 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 quarter in the prior year, the firm earned $0.98 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's payout ratio is presently 28.44%.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm'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 sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.11% of the company's stock.

Wall Street Analyst Weigh In

OFG has been the topic of a number of analyst reports. Wells Fargo & Company upped their target price on OFG Bancorp from $45.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd.

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.