Allspring Global Investments Holdings LLC Sells 23,570 OFG Bancorp (NYSE:OFG) Shares

Allspring Global Investments Holdings LLC lessened its holdings in OFG Bancorp (NYSE:OFG – Free Report) by 7.6% in the second quarter, HoldingsChannel reports. The firm owned 284,992 shares of the bank’s stock after selling 23,570 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in OFG Bancorp were worth $10,673,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Capstone Investment Advisors LLC bought a new stake in shares of OFG Bancorp in the first quarter worth $844,000. Janney Montgomery Scott LLC bought a new stake in shares of OFG Bancorp in the first quarter worth $649,000. BNP Paribas Financial Markets grew its position in shares of OFG Bancorp by 172.3% in the first quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after acquiring an additional 23,075 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of OFG Bancorp by 6.1% in the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock worth $8,927,000 after acquiring an additional 13,869 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of OFG Bancorp by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock worth $5,629,000 after acquiring an additional 30,814 shares during the last quarter. Institutional investors own 92.73% of the company’s shares.

OFG Bancorp stock fell 0.6%

Shares of OFG Bancorp stock opened at $45.29 on Friday. OFG Bancorp has a 12-month low of $28.18 and a 12-month high of $47.57. The company has a quick ratio of 0.86, a current ratio of 0.86, and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.13 billion, a PE ratio of 11.58 and a beta of 1.00. The company has a fifty day simple moving average of $41.65 and a 200 day simple moving average of $38.15.

OFG Bancorp (NYSE:OFG – Get Your Free Report ) last posted its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The firm had revenue of $179.40 million during the quarter, compared to analysts’ expectations of $176.09 million. In the same period last year, the firm earned $0.93 per share. The company’s revenue rose 5.2% year-over-year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date is Monday, September 30. This represents a dividend of $1.00 on an annualized basis and a yield of 2.21%. OFG Bancorp’s payout ratio is 25.58%.

Changes in Analyst Ratings

A number of research firms recently weighed in on OFG. Hovde Group boosted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company lifted their price objective on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Piper Sandler began coverage on OFG Bancorp in a research note on Monday. They set an “overweight” rating and a $49.00 price objective for the company.

See the latest stock report on OFG

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. Insiders own 3.11% of the company’s shares.

About OFG Bancorp

(Free report)

OFG Bancorp, a financial holding company, offers a wide 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 term deposit products; Commercial, consumer, car leasing and mortgage loan services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust and retirement services.

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