Kennedy Capital Management LLC Sells 15,209 Shares of OFG Bancorp $OFG

Kennedy Capital Management LLC cut its position in OFG Bancorp (NYSE:OFG) by 19.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,794 shares of the bank’s stock after selling 15,209 shares during the quarter. Kennedy Capital Management LLC owned about 0.14% of OFG Bancorp worth $2,730,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in OFG. Nuveen LLC acquired a new stake in OFG Bancorp in the first quarter valued at $44,749,000. Empowered Funds LLC raised its holdings in shares of OFG Bancorp by 211.0% in the 2nd quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock valued at $18,051,000 after purchasing an additional 286,113 shares during the period. Burney Co. acquired a new stake in OFG Bancorp in the 2nd quarter valued at about $10,236,000. Millennium Management LLC grew its holdings in OFG Bancorp by 73.1% during the first quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock worth $21,372,000 after purchasing an additional 225,472 shares during the period. Finally, CSM Advisors LLC acquired a new position in OFG Bancorp during the second quarter worth approximately $8,235,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Down 0.3%

OFG opened at $40.47 on Friday. The stock has a fifty day moving average of $40.72 and a 200-day moving average of $42.32. The company has a market capitalization of $1.78 billion, a P/E ratio of 9.20 and a beta of 0.79. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. During the same period last year, the firm earned $1.00 earnings per share. OFG Bancorp’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 25,232 shares of OFG Bancorp stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the transaction, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at $7,562,441.25. The trade was a 12.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the sale, the director owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 55,000 shares of company stock valued at $2,247,747. 3.11% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on OFG. Truist Financial cut their price objective on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. Wells Fargo & Company cut their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 1st. Zacks Research raised shares of OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Finally, UBS Group set a $50.00 target price on shares of OFG Bancorp in a report on Thursday, October 9th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $47.17.

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.