State of Tennessee Treasury Department increased its holdings in shares of OFG Bancorp (NYSE:OFG – Get Rating) by 10.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,576 shares of the bank's stock after acquiring an additional 2,957 shares during the period. State of Tennessee Treasury Department owned approximately 0.07% of OFG Bancorp worth $868,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Selective Wealth Management Inc. bought a new stake in OFG Bancorp during the first quarter worth about $53,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of OFG Bancorp in the fourth quarter worth approximately $244,000. C M Bidwell & Associates Ltd. bought a new position in shares of OFG Bancorp in the fourth quarter worth approximately $261,000. Teacher Retirement System of Texas lifted its stake in shares of OFG Bancorp by 20.0% in the fourth quarter. Teacher Retirement System of Texas now owns 9,936 shares of the bank's stock worth $264,000 after buying an additional 1,659 shares in the last quarter. Finally, Aaron Wealth Advisors LLC bought a new position in shares of OFG Bancorp in the first quarter worth approximately $424,000. Institutional investors own 93.47% of the company's stock.
Get OFG Bancorp alerts:OFG Bancorp Stock Down 2.3 %
Shares of OFG Bancorp stock opened at $26.57 on Friday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 8.65 and a beta of 1.20. The company's 50 day moving average is $27.23 and its 200 day moving average is $27.12. OFG Bancorp has a twelve month low of $22.23 and a twelve month high of $30.93. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.03.
OFG Bancorp (NYSE:OFG – Get Rating) last announced its earnings results on Thursday, July 21st. The bank reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.13. OFG Bancorp had a net margin of 25.87% and a return on equity of 14.64%. During the same quarter in the previous year, the company earned $0.78 earnings per share. Research analysts anticipate that OFG Bancorp will post 3.3 EPS for the current year.OFG Bancorp Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.20 per share. This is a boost from OFG Bancorp's previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Thursday, September 29th. OFG Bancorp's dividend payout ratio is currently 19.54%.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the stock. Piper Sandler dropped their target price on shares of OFG Bancorp to $33.00 in a research note on Monday, July 4th. StockNews.com downgraded shares of OFG Bancorp from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 20th.
Insider Buying and Selling at OFG Bancorp
In other OFG Bancorp news, COO Ganesh Kumar sold 3,059 shares of the company's stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $29.10, for a total transaction of $89,016.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.66% of the stock is owned by corporate insiders.
OFG Bancorp Company Profile
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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, as well as time deposit products; commercial, consumer, auto, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services.
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