KLP Kapitalforvaltning AS Has $351,000 Stake in OFG Bancorp (NYSE:OFG)

KLP Kapitalforvaltning AS decreased its position in shares of OFG Bancorp (NYSE:OFG) by 13.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 8,700 shares of the bank’s stock after selling 1,400 shares during the period. KLP Kapitalforvaltning AS’s holdings in OFG Bancorp were worth $351,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of OFG Bancorp during the fourth quarter valued at approximately $7,289,000. Bridgeway Capital Management LLC bought a new position in OFG Bancorp in the fourth quarter valued at approximately $5,205,000. Foundry Partners LLC boosted its stake in OFG Bancorp by 76.5% in the fourth quarter. Foundry Partners LLC now owns 237,264 shares of the bank’s stock valued at $10,041,000 after acquiring an additional 102,841 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in OFG Bancorp by 139.1% in the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock valued at $7,470,000 after acquiring an additional 102,680 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in OFG Bancorp by 138.8% in the fourth quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank’s stock valued at $6,336,000 after acquiring an additional 87,024 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 3.0%

Shares of NYSE OFG opened at $42.37 on Thursday. The company’s fifty day moving average is $42.77 and its 200-day moving average is $41.36. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 9.99 and a beta of 0.75. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same period last year, the business posted $1.08 earnings per share. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. OFG Bancorp’s payout ratio is 28.30%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction on Monday, May 5th. The shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the sale, the chief financial officer directly owned 63,470 shares in the company, valued at approximately $2,630,196.80. The trade was a 7.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.11% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OFG has been the topic of a number of recent research reports. Wall Street Zen raised shares of OFG Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Piper Sandler reduced their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, July 18th. Finally, Hovde Group reduced their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.