OFG Bancorp (NYSE:OFG) Stake Raised by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC increased its holdings in OFG Bancorp (NYSE:OFG) by 11.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,243 shares of the bank’s stock after acquiring an additional 1,773 shares during the period. Wedge Capital Management L L P NC’s holdings in OFG Bancorp were worth $646,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Knights of Columbus Asset Advisors LLC lifted its stake in OFG Bancorp by 94.6% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 196,042 shares of the bank’s stock worth $7,348,000 after acquiring an additional 95,282 shares in the last quarter. Federated Hermes Inc. increased its position in OFG Bancorp by 13.8% in the 4th quarter. Federated Hermes Inc. now owns 143,271 shares of the bank’s stock worth $5,370,000 after purchasing an additional 17,384 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in OFG Bancorp by 7.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,890 shares of the bank’s stock worth $483,000 after purchasing an additional 931 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in OFG Bancorp in the 4th quarter worth about $881,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in OFG Bancorp by 6.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,645 shares of the bank’s stock worth $1,036,000 after purchasing an additional 1,725 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

OFG opened at $36.33 on Friday. The firm has a market capitalization of $1.71 billion, a P/E ratio of 9.29 and a beta of 1.09. The stock’s 50 day moving average price is $35.77 and its two-hundred day moving average price is $34.90. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. OFG Bancorp has a 12-month low of $22.34 and a 12-month high of $39.04.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The company had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. During the same quarter last year, the company earned $0.96 EPS. On average, equities analysts forecast that OFG Bancorp will post 4.02 earnings per share for the current year.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.75%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. OFG Bancorp’s dividend payout ratio (DPR) is currently 25.58%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company lowered their target price on OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 9,071 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total value of $319,117.78. Following the completion of the sale, the insider now owns 144,502 shares in the company, valued at approximately $5,083,580.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 34,536 shares of company stock worth $1,238,317. 3.11% of the stock is currently owned by company insiders.

About OFG Bancorp

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.