X Square Capital LLC Sells 24,324 Shares of OFG Bancorp (NYSE:OFG)

X Square Capital LLC trimmed its holdings in OFG Bancorp (NYSE:OFG) by 14.6% during the third quarter, Holdings Channel reports. The firm owned 142,733 shares of the bank’s stock after selling 24,324 shares during the quarter. OFG Bancorp comprises about 2.8% of X Square Capital LLC’s holdings, making the stock its 4th largest position. X Square Capital LLC’s holdings in OFG Bancorp were worth $6,412,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capstone Investment Advisors LLC acquired a new position in shares of OFG Bancorp in the 1st quarter valued at about $844,000. Janney Montgomery Scott LLC acquired a new position in shares of OFG Bancorp in the 1st quarter valued at about $649,000. Russell Investments Group Ltd. lifted its stake in shares of OFG Bancorp by 6.1% in the 1st quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock valued at $8,927,000 after purchasing an additional 13,869 shares during the period. BNP Paribas Financial Markets raised its stake in OFG Bancorp by 172.3% during the 1st quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after buying an additional 23,075 shares during the period. Finally, Raffles Associates LP raised its stake in OFG Bancorp by 9.3% during the 2nd quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OFG has been the topic of a number of research reports. Piper Sandler dropped their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company upped their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Hovde Group upped their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd.

OFG Bancorp Stock Performance

Shares of OFG opened at $39.53 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50 day moving average price of $43.56 and a two-hundred day moving average price of $40.18. The firm has a market capitalization of $1.84 billion, a P/E ratio of 9.62 and a beta of 0.98. OFG Bancorp has a 52 week low of $28.41 and a 52 week high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. Equities analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Monday, September 30th. OFG Bancorp’s dividend payout ratio is currently 24.33%.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.11% of the company’s stock.

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.