OFG Bancorp (OFG) Trading Down 6.5%
OFG Bancorp (NYSE:OFG) fell 6.5% on Monday . The stock traded as low as $8.50 and last traded at $8.60. 549,509 shares were traded during trading, an increase of 41% from the average session volume of 388,762 shares. The stock had previously closed at $9.20.
Several research firms recently weighed in on OFG. ValuEngine raised OFG Bancorp from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Keefe, Bruyette & Woods raised OFG Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, November 28th. Piper Jaffray Companies reissued a “hold” rating and set a $11.50 price objective on shares of OFG Bancorp in a report on Friday, October 6th. Finally, Sandler O’Neill raised OFG Bancorp from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $12.33.
The company has a market cap of $382.34, a price-to-earnings ratio of 10.88 and a beta of 1.66. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.18.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.76%. The ex-dividend date is Thursday, December 28th. OFG Bancorp’s payout ratio is presently 30.00%.
In related news, Director Jesus Nestor De bought 5,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were purchased at an average cost of $7.95 per share, with a total value of $39,750.00. Following the acquisition, the director now owns 5,400 shares of the company’s stock, valued at $42,930. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.56% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in OFG. Stilwell Value LLC lifted its holdings in OFG Bancorp by 961.5% during the 2nd quarter. Stilwell Value LLC now owns 13,289,640 shares of the bank’s stock worth $13,290,000 after buying an additional 12,037,639 shares during the period. Vanguard Group Inc. lifted its holdings in OFG Bancorp by 5.7% during the 2nd quarter. Vanguard Group Inc. now owns 5,058,799 shares of the bank’s stock worth $50,588,000 after buying an additional 271,986 shares during the period. Schneider Capital Management Corp lifted its holdings in OFG Bancorp by 63.9% during the 2nd quarter. Schneider Capital Management Corp now owns 453,706 shares of the bank’s stock worth $4,537,000 after buying an additional 176,958 shares during the period. Citigroup Inc. lifted its holdings in OFG Bancorp by 233.9% during the 2nd quarter. Citigroup Inc. now owns 180,200 shares of the bank’s stock worth $1,802,000 after buying an additional 126,226 shares during the period. Finally, Macquarie Group Ltd. acquired a new position in OFG Bancorp during the 3rd quarter worth about $626,000. 96.49% of the stock is currently owned by hedge funds and other institutional investors.
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About OFG Bancorp
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.
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