Polaris Capital Management LLC lowered its stake in shares of OFG Bancorp (NYSE:OFG) by 8.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 239,000 shares of the bank’s stock after selling 20,800 shares during the quarter. Polaris Capital Management LLC owned 0.47% of OFG Bancorp worth $5,234,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Nuveen Asset Management LLC bought a new position in OFG Bancorp in the 2nd quarter valued at $35,844,000. Bank of America Corp DE lifted its holdings in OFG Bancorp by 501.2% during the 2nd quarter. Bank of America Corp DE now owns 347,043 shares of the bank’s stock worth $8,249,000 after purchasing an additional 289,319 shares in the last quarter. APG Asset Management N.V. lifted its holdings in OFG Bancorp by 57.5% during the 2nd quarter. APG Asset Management N.V. now owns 742,713 shares of the bank’s stock worth $15,503,000 after purchasing an additional 271,213 shares in the last quarter. BlackRock Inc. raised its holdings in shares of OFG Bancorp by 3.9% in the 2nd quarter. BlackRock Inc. now owns 6,773,436 shares of the bank’s stock valued at $161,006,000 after acquiring an additional 256,736 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of OFG Bancorp by 78.6% in the 2nd quarter. Wells Fargo & Company MN now owns 373,980 shares of the bank’s stock valued at $8,890,000 after acquiring an additional 164,531 shares in the last quarter. Institutional investors and hedge funds own 94.77% of the company’s stock.
In other news, Director Edwin Perez bought 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $20.21 per share, for a total transaction of $808,400.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $101,050. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.32% of the stock is currently owned by insiders.
OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. OFG Bancorp had a return on equity of 10.36% and a net margin of 17.12%. The firm had revenue of $102.89 million during the quarter, compared to analysts’ expectations of $97.40 million. As a group, equities analysts anticipate that OFG Bancorp will post 1.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.07 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.33%. OFG Bancorp’s dividend payout ratio is currently 18.42%.
Several analysts have weighed in on the company. ValuEngine cut OFG Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research lowered OFG Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th.
About OFG Bancorp
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.
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