UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 12,053 Shares of OFG Bancorp (NYSE:OFG)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in OFG Bancorp (NYSE:OFG - Free Report) by 10.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,304 shares of the bank's stock after selling 12,053 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.22% of OFG Bancorp worth $4,506,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in OFG Bancorp in the third quarter worth $984,000. Raffles Associates LP increased its position in shares of OFG Bancorp by 9.3% in the 2nd quarter. Raffles Associates LP now owns 141,067 shares of the bank's stock valued at $5,283,000 after buying an additional 12,000 shares in the last quarter. Foundry Partners LLC acquired a new stake in OFG Bancorp during the 3rd quarter worth $6,038,000. Janney Montgomery Scott LLC bought a new position in OFG Bancorp during the third quarter worth about $759,000. Finally, Algert Global LLC lifted its holdings in OFG Bancorp by 14.0% during the second quarter. Algert Global LLC now owns 161,684 shares of the bank's stock worth $6,055,000 after acquiring an additional 19,838 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now owns 284,775 shares in the company, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.11% of the stock is owned by corporate insiders.

OFG Bancorp Stock Down 0.9 %

Shares of OFG stock traded down $0.40 during trading on Thursday, reaching $43.86. The company's stock had a trading volume of 314,919 shares, compared to its average volume of 240,616. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66. The business has a fifty day moving average price of $43.24 and a 200-day moving average price of $41.96. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 10.77 and a beta of 1.02.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) 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 the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business's revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. Analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current year.

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

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.28%. OFG Bancorp's dividend payout ratio is presently 24.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $49.00 to $53.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their target price on OFG Bancorp from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler cut their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th.

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.