Corebridge Financial Inc. Lowers Stake in OFG Bancorp (NYSE:OFG)

Corebridge Financial Inc. trimmed its position in OFG Bancorp (NYSE:OFG) by 7.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 24,486 shares of the bank’s stock after selling 1,939 shares during the quarter. Corebridge Financial Inc.’s holdings in OFG Bancorp were worth $1,036,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of OFG. State Street Corp raised its holdings in OFG Bancorp by 0.9% in the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after buying an additional 19,372 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of OFG Bancorp by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock worth $69,922,000 after acquiring an additional 14,618 shares in the last quarter. KBC Group NV raised its stake in shares of OFG Bancorp by 39.7% in the 4th quarter. KBC Group NV now owns 2,620 shares of the bank’s stock valued at $111,000 after acquiring an additional 745 shares during the period. GAMMA Investing LLC lifted its holdings in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares in the last quarter. Finally, Barclays PLC boosted its position in OFG Bancorp by 83.6% during the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after purchasing an additional 43,738 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Trading Down 4.7 %

Shares of OFG opened at $34.96 on Friday. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66. The stock has a 50-day moving average price of $41.36 and a 200 day moving average price of $42.56. 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 company has a market capitalization of $1.59 billion, a P/E ratio of 8.28 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate 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 quarter in the previous year, the company posted $0.98 earnings per share. Sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal 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 given a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.43%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is presently 28.44%.

Wall Street Analysts Forecast Growth

OFG has been the topic of several research reports. Keefe, Bruyette & Woods raised their price objective 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 raised their target price on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd.

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.