Principal Financial Group Inc. decreased its holdings in shares of OFG Bancorp (NYSE:OFG – Free Report) by 4.3% in the 3rd quarter, Holdings Channel reports. The firm owned 245,382 shares of the bank’s stock after selling 11,064 shares during the period. Principal Financial Group Inc.’s holdings in OFG Bancorp were worth $11,023,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of OFG. Blue Trust Inc. increased 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 buying an additional 1,070 shares during the period. Farther Finance Advisors LLC grew its holdings in OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares during the last quarter. Quarry LP increased its position in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after acquiring an additional 996 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in OFG Bancorp by 56.7% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock valued at $115,000 after purchasing an additional 926 shares during the last quarter. Finally, CWM LLC increased its position in OFG Bancorp by 138.1% during the 3rd quarter. CWM LLC now owns 4,448 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,580 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.
Insider Activity
In related 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 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 trade represents a 14.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.11% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on OFG. Wells Fargo & Company lifted their price target on OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler lowered their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.
Check Out Our Latest Stock Analysis on OFG
OFG Bancorp Stock Performance
NYSE OFG opened at $43.20 on Monday. The business has a 50-day moving average price of $43.26 and a 200-day moving average price of $42.49. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 10.51 and a beta of 1.02. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. 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 (NYSE:OFG – Get Free Report) last posted its 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). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. During the same period in the previous year, the business posted $0.95 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.
OFG Bancorp announced that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
OFG Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.
OFG Bancorp Profile
(Free Report)
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.
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