Engineers Gate Manager LP reduced its position in OFG Bancorp (NYSE:OFG) by 37.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 47,004 shares of the bank’s stock after selling 28,245 shares during the period. Engineers Gate Manager LP’s holdings in OFG Bancorp were worth $442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Macquarie Group Ltd. purchased a new position in shares of OFG Bancorp in the 3rd quarter worth $626,000. California Public Employees Retirement System boosted its stake in shares of OFG Bancorp by 15.0% in the 3rd quarter. California Public Employees Retirement System now owns 209,699 shares of the bank’s stock worth $1,919,000 after buying an additional 27,299 shares during the last quarter. Bowling Portfolio Management LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth $2,094,000. Vanguard Group Inc. boosted its stake in shares of OFG Bancorp by 5.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,058,799 shares of the bank’s stock worth $50,588,000 after buying an additional 271,986 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of OFG Bancorp by 124.6% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,613 shares of the bank’s stock worth $262,000 after buying an additional 15,876 shares during the last quarter. Hedge funds and other institutional investors own 97.16% of the company’s stock.
A number of equities analysts have recently issued reports on OFG shares. ValuEngine upgraded OFG Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Piper Jaffray Companies restated a “hold” rating and issued a $11.00 price target on shares of OFG Bancorp in a research note on Friday, October 27th. Keefe, Bruyette & Woods upgraded OFG Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 28th. Finally, Sandler O’Neill upgraded OFG Bancorp from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, October 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.33.
OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, January 30th. The bank reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.21. OFG Bancorp had a return on equity of 9.61% and a net margin of 12.41%. The company had revenue of $90.33 million for the quarter, compared to analysts’ expectations of $86.90 million. During the same period last year, the firm earned $0.27 EPS. analysts anticipate that OFG Bancorp will post 1.08 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a $0.06 dividend. The ex-dividend date was Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a yield of 2.16%. OFG Bancorp’s dividend payout ratio is currently 30.38%.
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About OFG Bancorp
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.
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