State of Tennessee Department of Treasury Sells 14,549 Shares of OFG Bancorp (NYSE:OFG)

State of Tennessee Department of Treasury cut its holdings in OFG Bancorp (NYSE:OFG) by 34.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 27,624 shares of the bank’s stock after selling 14,549 shares during the period. State of Tennessee Department of Treasury’s holdings in OFG Bancorp were worth $1,169,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in OFG. Barclays PLC raised its position in shares of OFG Bancorp by 83.6% in the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after acquiring an additional 43,738 shares in the last quarter. GAMMA Investing LLC raised its position in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after acquiring an additional 263 shares in the last quarter. Diversified Trust Co raised its position in shares of OFG Bancorp by 9.5% in the 4th quarter. Diversified Trust Co now owns 15,399 shares of the bank’s stock worth $652,000 after acquiring an additional 1,330 shares in the last quarter. Range Financial Group LLC bought a new position in shares of OFG Bancorp in the 4th quarter worth about $1,795,000. Finally, Wedge Capital Management L L P NC raised its position in shares of OFG Bancorp by 9.6% in the 4th quarter. Wedge Capital Management L L P NC now owns 21,959 shares of the bank’s stock worth $929,000 after acquiring an additional 1,931 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Performance

Shares of OFG opened at $39.37 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The stock has a 50 day moving average price of $38.79 and a two-hundred day moving average price of $41.56. The firm has a market capitalization of $1.79 billion, a P/E ratio of 9.33 and a beta of 0.74. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $175.35 million. 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 $1.05 earnings per share. Equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.05%. OFG Bancorp’s dividend payout ratio is currently 28.78%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OFG shares. Keefe, Bruyette & Woods lowered their price objective on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company lowered OFG Bancorp from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $48.00 to $42.00 in a research report on Wednesday, April 9th. Hovde Group decreased their target price on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Finally, Piper Sandler decreased their target price on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th.

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.