Polaris Capital Management LLC Sells 22,600 Shares of OFG Bancorp (NYSE:OFG)

Polaris Capital Management LLC decreased its position in shares of OFG Bancorp (NYSE:OFG) by 13.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,200 shares of the bank’s stock after selling 22,600 shares during the quarter. Polaris Capital Management LLC’s holdings in OFG Bancorp were worth $6,145,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Foundry Partners LLC bought a new position in OFG Bancorp in the third quarter valued at about $6,038,000. Empowered Funds LLC bought a new position in OFG Bancorp in the 4th quarter valued at approximately $4,570,000. Intech Investment Management LLC boosted its position in OFG Bancorp by 411.3% during the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after buying an additional 51,798 shares during the period. Barclays PLC grew its holdings 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 acquiring an additional 43,738 shares during the last quarter. Finally, Range Financial Group LLC bought a new position in shares of OFG Bancorp during the fourth quarter valued at $1,795,000. Institutional investors own 92.73% of the company’s stock.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. 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 owned by company insiders.

OFG Bancorp Trading Down 0.9 %

NYSE:OFG opened at $43.22 on Tuesday. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The firm has a 50-day moving average price of $43.13 and a two-hundred day moving average price of $43.34. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 10.24 and a beta of 1.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the firm posted $0.98 earnings per share. On average, equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has initiated a stock repurchase program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is 23.70%.

Analyst Ratings Changes

OFG has been the subject of several analyst reports. Piper Sandler lowered their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company increased their target price 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.

OFG Bancorp Company 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.