Range Financial Group LLC Acquires Shares of 42,415 OFG Bancorp (NYSE:OFG)

Range Financial Group LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 42,415 shares of the bank's stock, valued at approximately $1,795,000. Range Financial Group LLC owned approximately 0.09% of OFG Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System raised its position in shares of OFG Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank's stock valued at $494,000 after purchasing an additional 247 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after buying an additional 263 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank's stock worth $377,000 after buying an additional 413 shares during the period. Martingale Asset Management L P grew its holdings in shares of OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank's stock valued at $3,918,000 after buying an additional 460 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank's stock valued at $5,262,000 after acquiring an additional 568 shares during the period. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Stock Performance

OFG traded down $0.49 during midday trading on Tuesday, hitting $41.71. 414,076 shares of the company were exchanged, compared to its average volume of 288,369. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 10.15 and a beta of 1.02. The company's 50 day simple moving average is $43.59 and its 200 day simple moving average is $42.81. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. 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 announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to analysts' expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.11 earnings per share for the current 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 given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.40%. OFG Bancorp's dividend payout ratio is presently 24.33%.

OFG Bancorp declared that its board has authorized a share buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

OFG has been the subject of a number of research reports. Piper Sandler lowered their price target on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company decreased their target price on OFG Bancorp from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Monday. Finally, Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm's stock in a transaction that occurred 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 directly owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.11% of the stock is owned by corporate 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.