Shell Asset Management Co. Sells 2,985 Shares of OFG Bancorp (NYSE:OFG)

Posted by MarketBeat News on Aug 3rd, 2022

Shell Asset Management Co. reduced its stake in OFG Bancorp (NYSE:OFG – Get Rating) by 12.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,160 shares of the bank’s stock after selling 2,985 shares during the period. Shell Asset Management Co.’s holdings in OFG Bancorp were worth $537,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Selective Wealth Management Inc. bought a new position in OFG Bancorp in the first quarter worth about $53,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in OFG Bancorp in the fourth quarter worth about $244,000. C M Bidwell & Associates Ltd. bought a new position in OFG Bancorp in the fourth quarter worth about $261,000. Teacher Retirement System of Texas raised its stake in OFG Bancorp by 20.0% in the fourth quarter. Teacher Retirement System of Texas now owns 9,936 shares of the bank’s stock worth $264,000 after buying an additional 1,659 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new position in OFG Bancorp in the first quarter worth about $307,000. 93.98% of the stock is owned by institutional investors.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $27.36 on Wednesday. OFG Bancorp has a fifty-two week low of $22.23 and a fifty-two week high of $30.93. The company has a 50 day simple moving average of $26.72 and a two-hundred day simple moving average of $27.04. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 8.88 and a beta of 1.20. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The bank reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.13. OFG Bancorp had a net margin of 25.87% and a return on equity of 14.64%. During the same quarter in the previous year, the business earned $0.78 EPS. Analysts expect that OFG Bancorp will post 3.3 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.20 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.92%. OFG Bancorp’s dividend payout ratio is presently 19.54%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OFG shares. StockNews.com downgraded shares of OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 20th. Piper Sandler decreased their target price on shares of OFG Bancorp to $33.00 in a research note on Monday, July 4th.

OFG Bancorp Company Profile

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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, as well as time deposit products; commercial, consumer, auto, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services.

Shell Asset Management Co. Sells 2,985 Shares of OFG Bancorp (NYSE:OFG)

OFG Bancorp Price Performance

OFG Bancorp Increases Dividend

Analysts Set New Price Targets

OFG Bancorp Company Profile

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