OFG Bancorp (NYSE:OFG) Stake Cut by Mraz Amerine & Associates Inc.

Mraz Amerine & Associates Inc. lessened its holdings in shares of OFG Bancorp (NYSE:OFG) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,890 shares of the bank’s stock after selling 510 shares during the quarter. Mraz Amerine & Associates Inc.’s holdings in OFG Bancorp were worth $672,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. State Street Corp grew its position in OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock valued at $48,565,000 after acquiring an additional 4,398 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of OFG Bancorp by 2.6% in the third quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after acquiring an additional 19,599 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of OFG Bancorp by 2.6% during 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 in the last quarter. Finally, FMR LLC boosted its position in OFG Bancorp by 8.1% during the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after purchasing an additional 15,498 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Insider Activity at OFG Bancorp

In related 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 completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.11% of the stock is currently owned by company insiders.

OFG Bancorp Stock Performance

OFG opened at $41.74 on Tuesday. 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 cap of $1.92 billion, a PE ratio of 9.89 and a beta of 1.00. The stock has a 50-day moving average of $42.91 and a 200-day moving average of $43.25. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (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 quarter in the previous year, the company earned $0.98 earnings per share. As a group, equities research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has authorized a stock repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.30 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Monday, March 31st. OFG Bancorp’s dividend payout ratio is currently 23.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OFG shares. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research 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.