Engineers Gate Manager LP Has $2.06 Million Stock Holdings in OFG Bancorp $OFG

Engineers Gate Manager LP boosted its holdings in shares of OFG Bancorp (NYSE:OFG) by 60.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 42,084 shares of the bank’s stock after purchasing an additional 15,902 shares during the quarter. Engineers Gate Manager LP’s holdings in OFG Bancorp were worth $2,065,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OFG. BlackRock Inc. bought a new position in OFG Bancorp in the 2nd quarter worth approximately $302,289,000. Dimensional Fund Advisors LP boosted its position in shares of OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after acquiring an additional 27,774 shares during the period. First Trust Advisors LP boosted its position in shares of OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after acquiring an additional 281,593 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of OFG Bancorp in the second quarter valued at approximately $24,993,000. Finally, Jupiter Topco LLC acquired a new stake in shares of OFG Bancorp in the second quarter worth $21,094,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

OFG opened at $52.91 on Wednesday. The stock has a market cap of $2.24 billion, a PE ratio of 10.42 and a beta of 0.68. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $54.47. The stock’s 50 day simple moving average is $52.15 and its 200-day simple moving average is $46.90.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the business earned $1.15 earnings per share. Sell-side analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on OFG shares. Truist Financial boosted their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Benchmark began coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $55.20.

Insider Activity

In other news, CEO Jose Fernandez sold 52,352 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.