The Manufacturers Life Insurance Company Reduces Position in OFG Bancorp (NYSE:OFG)

The Manufacturers Life Insurance Company lessened its stake in shares of OFG Bancorp (NYSE:OFG) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,313 shares of the bank’s stock after selling 656 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in OFG Bancorp were worth $944,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in 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 during the period. American Century Companies Inc. lifted its stake in OFG Bancorp by 8.3% in the fourth quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank’s stock worth $49,423,000 after acquiring an additional 89,450 shares during the period. JPMorgan Chase & Co. lifted its stake in OFG Bancorp by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank’s stock worth $37,836,000 after acquiring an additional 42,335 shares during the period. Russell Investments Group Ltd. lifted its stake in OFG Bancorp by 1.7% in the fourth quarter. Russell Investments Group Ltd. now owns 259,232 shares of the bank’s stock worth $10,971,000 after acquiring an additional 4,353 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in OFG Bancorp by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank’s stock worth $10,655,000 after acquiring an additional 6,392 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Activity

In other news, CFO Maritza Arizmendi sold 5,000 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer now directly owns 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

OFG opened at $42.63 on Thursday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $38.81 and a two-hundred day simple moving average of $41.59. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 10.10 and a beta of 0.73.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $175.35 million. During the same quarter in the previous year, the business earned $1.05 earnings per share. Research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.81%. OFG Bancorp’s payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wells Fargo & Company lowered OFG Bancorp from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Hovde Group decreased their price objective on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Piper Sandler decreased their price objective on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th.

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, 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.