Engineers Gate Manager LP Buys 47,008 Shares of OFG Bancorp (OFG)
Engineers Gate Manager LP raised its stake in shares of OFG Bancorp (NYSE:OFG) by 166.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 75,249 shares of the bank’s stock after buying an additional 47,008 shares during the period. Engineers Gate Manager LP owned about 0.17% of OFG Bancorp worth $689,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Everence Capital Management Inc. purchased a new position in shares of OFG Bancorp during the 3rd quarter valued at about $103,000. Virtu KCG Holdings LLC purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at about $117,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at about $127,000. BNP Paribas Arbitrage SA increased its stake in shares of OFG Bancorp by 53.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,649 shares of the bank’s stock valued at $136,000 after purchasing an additional 4,775 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of OFG Bancorp in the 3rd quarter valued at about $141,000. Institutional investors and hedge funds own 96.55% of the company’s stock.
In other news, Director Jesus Nestor De acquired 5,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was bought at an average cost of $7.95 per share, for a total transaction of $39,750.00. Following the purchase, the director now owns 5,400 shares in the company, valued at $42,930. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.56% of the stock is currently owned by insiders.
OFG Bancorp (OFG) opened at $9.75 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.18. OFG Bancorp has a 52 week low of $7.80 and a 52 week high of $13.90. The firm has a market capitalization of $424.09, a PE ratio of 7.85 and a beta of 1.65.
OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.12. OFG Bancorp had a return on equity of 9.05% and a net margin of 11.92%. The firm had revenue of $98.39 million during the quarter, compared to analyst estimates of $90.60 million. During the same quarter in the previous year, the business earned $0.14 EPS. research analysts forecast that OFG Bancorp will post 1.12 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 2.46%. OFG Bancorp’s dividend payout ratio is presently 28.92%.
Several equities analysts recently weighed in on OFG shares. ValuEngine lowered OFG Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Piper Jaffray Companies restated a “hold” rating and issued a $11.50 price target on shares of OFG Bancorp in a research note on Friday, October 6th. Sandler O’Neill upgraded OFG Bancorp from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Monday, October 30th. Finally, Keefe, Bruyette & Woods upgraded OFG Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $12.33.
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OFG Bancorp Company Profile
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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