OFG Bancorp (NYSE:OFG) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN grew its position in OFG Bancorp (NYSE:OFG - Free Report) by 14.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,540 shares of the bank's stock after buying an additional 7,106 shares during the period. Wells Fargo & Company MN owned 0.13% of OFG Bancorp worth $2,435,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. raised its stake in shares of OFG Bancorp by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank's stock valued at $69,922,000 after acquiring an additional 14,618 shares during the period. American Century Companies Inc. lifted its stake in OFG Bancorp by 8.3% during the fourth quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank's stock worth $49,423,000 after purchasing an additional 89,450 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of OFG Bancorp by 5.0% during the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank's stock worth $37,836,000 after buying an additional 42,335 shares during the period. Principal Financial Group Inc. grew its stake in shares of OFG Bancorp by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank's stock valued at $10,655,000 after buying an additional 6,392 shares in the last quarter. Finally, Foundry Partners LLC raised its holdings in shares of OFG Bancorp by 76.5% in the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock valued at $10,041,000 after buying an additional 102,841 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 2.6 %

Shares of OFG stock traded up $1.00 on Monday, reaching $39.01. 390,138 shares of the stock were exchanged, compared to its average volume of 300,983. OFG Bancorp has a twelve month low of $33.15 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. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 9.24 and a beta of 0.74. The business's 50 day moving average price is $38.94 and its 200 day moving average price is $41.62.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The business had revenue of $178.30 million during the quarter, compared to analysts' expectations of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the previous year, the company posted $1.05 EPS. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.08%. This is a boost from OFG Bancorp's previous quarterly dividend of $0.25. OFG Bancorp's dividend payout ratio (DPR) is presently 28.78%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OFG. Hovde Group cut their price target on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday. Piper Sandler cut their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday. Wells Fargo & Company cut shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $48.00 to $42.00 in a research report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods cut their price objective on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday.

OFG Bancorp 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.