Corebridge Financial Inc. Reduces Stake in OFG Bancorp (NYSE:OFG)

Corebridge Financial Inc. trimmed its position in shares of OFG Bancorp (NYSE:OFG) by 7.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,486 shares of the bank’s stock after selling 1,939 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of OFG Bancorp worth $1,036,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. State Street Corp grew its stake in OFG Bancorp by 0.9% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. grew its position in shares of OFG Bancorp by 0.9% in the fourth 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 last quarter. American Century Companies Inc. increased its stake in shares of OFG Bancorp by 8.3% during 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 in the last quarter. Geode Capital Management LLC raised its position in shares of OFG Bancorp by 0.4% during 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, Wellington Management Group LLP lifted its stake in OFG Bancorp by 2.6% in the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock valued at $34,576,000 after buying an additional 19,599 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 4.7 %

Shares of OFG Bancorp stock opened at $34.96 on Friday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The business’s fifty day moving average is $41.36 and its two-hundred day moving average is $42.56. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The firm has a market cap of $1.59 billion, a PE ratio of 8.28 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned $0.98 EPS. Analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 3.43%. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.44%.

Analysts Set New Price Targets

OFG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd.

About OFG Bancorp

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.