State of Tennessee Treasury Department decreased its stake in OFG Bancorp (NYSE:OFG) by 61.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 18,318 shares of the bank’s stock after selling 28,913 shares during the period. State of Tennessee Treasury Department’s holdings in OFG Bancorp were worth $414,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Vantage Consulting Group Inc acquired a new position in OFG Bancorp in the fourth quarter worth $30,000. Marshall Wace North America L.P. acquired a new position in OFG Bancorp in the first quarter worth $53,000. Veriti Management LLC acquired a new position in OFG Bancorp in the fourth quarter worth $97,000. Zacks Investment Management acquired a new position in OFG Bancorp in the fourth quarter worth $200,000. Finally, ProShare Advisors LLC acquired a new position in OFG Bancorp in the fourth quarter worth $226,000. 90.56% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Pedro Morazzani sold 5,000 shares of the company’s stock in a transaction dated Friday, March 19th. The stock was sold at an average price of $23.00, for a total value of $115,000.00. Following the completion of the sale, the director now owns 30,420 shares in the company, valued at $699,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.47% of the company’s stock.
Separately, Zacks Investment Research upgraded OFG Bancorp from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Wednesday, June 9th.
OFG stock opened at $24.00 on Wednesday. The company has a market capitalization of $1.24 billion, a P/E ratio of 12.83 and a beta of 1.55. OFG Bancorp has a twelve month low of $11.80 and a twelve month high of $25.52. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average price is $24.02.
OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, April 20th. The bank reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The company had revenue of $128.61 million during the quarter, compared to the consensus estimate of $128.40 million. OFG Bancorp had a return on equity of 11.25% and a net margin of 17.74%. On average, analysts predict that OFG Bancorp will post 2.22 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $0.32 dividend on an annualized basis and a yield of 1.33%. OFG Bancorp’s dividend payout ratio is presently 21.77%.
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, as well as time deposit products; commercial, consumer, auto, and mortgage lending; financial planning; and corporate and individual trust services.
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