OFG Bancorp (NYSE:OFG) Shares Sold by Cynosure Group LLC

Cynosure Group LLC decreased its stake in OFG Bancorp (NYSE:OFG) by 15.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,866 shares of the bank’s stock after selling 1,274 shares during the period. Cynosure Group LLC’s holdings in OFG Bancorp were worth $291,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its holdings in shares of 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 acquiring an additional 19,372 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in OFG Bancorp by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock valued at $69,922,000 after purchasing an additional 14,618 shares during the period. American Century Companies Inc. grew its position in OFG Bancorp by 8.3% in the 4th quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank’s stock worth $49,423,000 after purchasing an additional 89,450 shares during the last quarter. Geode Capital Management LLC grew its position in OFG Bancorp by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after purchasing an additional 4,398 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of OFG Bancorp by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank’s stock valued at $37,836,000 after purchasing an additional 42,335 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on OFG shares. Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Wells Fargo & Company boosted their price target on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $36.75 on Friday. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 8.71 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The stock’s 50 day moving average price is $41.53 and its 200 day moving average price is $42.63.

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

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.27%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is currently 28.44%.

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.