OppenheimerFunds Inc. increased its stake in shares of OFG Bancorp (NYSE:OFG) by 125.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,909 shares of the bank’s stock after buying an additional 15,505 shares during the period. OppenheimerFunds Inc. owned approximately 0.06% of OFG Bancorp worth $329,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in OFG. Great West Life Assurance Co. Can increased its stake in shares of OFG Bancorp by 5.6% in the first quarter. Great West Life Assurance Co. Can now owns 58,475 shares of the bank’s stock valued at $687,000 after buying an additional 3,113 shares during the period. Wells Fargo & Company MN increased its position in OFG Bancorp by 2.3% in the first quarter. Wells Fargo & Company MN now owns 61,798 shares of the bank’s stock worth $730,000 after buying an additional 1,408 shares during the last quarter. Russell Investments Group Ltd. increased its position in OFG Bancorp by 8.8% in the first quarter. Russell Investments Group Ltd. now owns 861,319 shares of the bank’s stock worth $10,163,000 after buying an additional 69,433 shares during the last quarter. Strs Ohio increased its position in OFG Bancorp by 12.8% in the first quarter. Strs Ohio now owns 62,600 shares of the bank’s stock worth $738,000 after buying an additional 7,100 shares during the last quarter. Finally, Ledyard National Bank purchased a new position in OFG Bancorp during the first quarter worth about $205,000. 99.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of OFG Bancorp (OFG) remained flat at $9.30 on Wednesday. The stock had a trading volume of 149,791 shares. OFG Bancorp has a 1-year low of $9.05 and a 1-year high of $14.48. The company’s 50 day moving average price is $9.98 and its 200 day moving average price is $11.02. The stock has a market capitalization of $408.71 million, a price-to-earnings ratio of 8.42 and a beta of 1.48.
OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.04. The firm had revenue of $100.45 million for the quarter, compared to analyst estimates of $90.95 million. OFG Bancorp had a net margin of 14.58% and a return on equity of 8.36%. During the same quarter in the prior year, the business earned $0.25 earnings per share. Analysts predict that OFG Bancorp will post $1.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a $0.06 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.58%. OFG Bancorp’s payout ratio is currently 22.02%.
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A number of research analysts have weighed in on OFG shares. ValuEngine cut OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub cut OFG Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $12.50 price target on shares of OFG Bancorp in a report on Friday, July 21st.
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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