State of Alaska Department of Revenue Lowers Holdings in OFG Bancorp (NYSE:OFG)

State of Alaska Department of Revenue trimmed its position in OFG Bancorp (NYSE:OFG) by 1.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 26,085 shares of the bank’s stock after selling 486 shares during the quarter. State of Alaska Department of Revenue’s holdings in OFG Bancorp were worth $1,103,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OFG. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of OFG Bancorp by 17.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,701 shares of the bank’s stock worth $1,456,000 after purchasing an additional 5,041 shares during the last quarter. EMC Capital Management increased its position in OFG Bancorp by 92.8% during the 4th quarter. EMC Capital Management now owns 18,214 shares of the bank’s stock valued at $771,000 after buying an additional 8,766 shares in the last quarter. R Squared Ltd acquired a new position in OFG Bancorp during the 4th quarter valued at about $44,000. KBC Group NV increased its position in OFG Bancorp by 39.7% during the 4th quarter. KBC Group NV now owns 2,620 shares of the bank’s stock valued at $111,000 after buying an additional 745 shares in the last quarter. Finally, Blue Trust Inc. increased its position in OFG Bancorp by 84.8% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock valued at $93,000 after buying an additional 946 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OFG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Wells Fargo & Company increased their price objective on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Finally, Piper Sandler cut their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

OFG Bancorp Stock Up 0.3 %

Shares of OFG stock opened at $43.32 on Friday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market capitalization of $1.99 billion, a PE ratio of 10.26 and a beta of 1.00. The stock’s 50-day simple moving average is $43.03 and its 200-day simple moving average is $43.32.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the prior year, the business earned $0.98 EPS. Equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.77%. OFG Bancorp’s dividend payout ratio is presently 23.70%.

OFG Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the 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 transaction, the chief executive officer now owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.11% of the company’s stock.

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.