Brandywine Global Investment Management LLC Trims Stake in OFG Bancorp (NYSE:OFG)

Brandywine Global Investment Management LLC reduced its stake in OFG Bancorp (NYSE:OFG) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,227 shares of the bank’s stock after selling 5,410 shares during the period. Brandywine Global Investment Management LLC owned 0.25% of OFG Bancorp worth $4,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp raised its position in shares of OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 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 worth $69,922,000 after purchasing an additional 14,618 shares in the last quarter. American Century Companies Inc. boosted its holdings 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 valued at $49,423,000 after buying an additional 89,450 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 buying an additional 4,398 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of OFG Bancorp by 5.0% in the 4th quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank’s stock worth $37,836,000 after buying an additional 42,335 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

OFG Bancorp Price Performance

OFG opened at $39.99 on Wednesday. The firm has a market cap of $1.82 billion, a PE ratio of 9.48 and a beta of 0.96. The stock has a 50-day moving average price of $41.74 and a 200-day moving average price of $42.68. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. 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 (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the prior year, the firm earned $0.98 EPS. Sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.00%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) 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.