OFG Bancorp (NYSE:OFG) Position Decreased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its holdings in shares of OFG Bancorp (NYSE:OFG) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,510 shares of the bank’s stock after selling 563 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.06% of OFG Bancorp worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ieq Capital LLC acquired a new position in shares of OFG Bancorp in the fourth quarter worth about $210,000. Principal Financial Group Inc. boosted its holdings in shares of OFG Bancorp by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank’s stock worth $10,655,000 after buying an additional 6,392 shares during the period. Rhumbline Advisers boosted its holdings in shares of OFG Bancorp by 1.3% in the fourth quarter. Rhumbline Advisers now owns 136,503 shares of the bank’s stock worth $5,777,000 after buying an additional 1,785 shares during the period. Empowered Funds LLC acquired a new position in shares of OFG Bancorp in the fourth quarter worth about $4,570,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of OFG Bancorp by 17.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,701 shares of the bank’s stock worth $1,456,000 after buying an additional 5,041 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the transaction, the chief executive officer now owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

NYSE OFG opened at $42.42 on Monday. The company has a 50 day simple moving average of $42.71 and a 200-day simple moving average of $43.25. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 10.05 and a beta of 1.00. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating 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 quarter last year, the firm earned $0.98 EPS. Equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio (DPR) is presently 28.44%.

Wall Street Analyst Weigh In

Several brokerages have commented on OFG. Keefe, Bruyette & Woods raised their target price on shares of 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 increased their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research 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.