California Public Employees Retirement System cut its holdings in OFG Bancorp (NYSE:OFG) by 36.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,378 shares of the bank’s stock after selling 72,192 shares during the quarter. California Public Employees Retirement System owned 0.28% of OFG Bancorp worth $1,733,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in shares of OFG Bancorp by 259.1% during the 2nd quarter. Millennium Management LLC now owns 104,079 shares of the bank’s stock valued at $1,462,000 after purchasing an additional 75,095 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in shares of OFG Bancorp by 8.7% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 57,600 shares of the bank’s stock valued at $809,000 after purchasing an additional 4,600 shares during the last quarter. Sterling Capital Management LLC bought a new position in shares of OFG Bancorp during the 2nd quarter valued at about $971,000. Renaissance Technologies LLC boosted its holdings in shares of OFG Bancorp by 58.9% during the 2nd quarter. Renaissance Technologies LLC now owns 118,370 shares of the bank’s stock valued at $1,663,000 after purchasing an additional 43,900 shares during the last quarter. Finally, EJF Capital LLC bought a new position in shares of OFG Bancorp during the 2nd quarter valued at about $1,510,000. 98.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:OFG opened at $17.10 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.14. OFG Bancorp has a 12 month low of $7.80 and a 12 month high of $18.07. The stock has a market capitalization of $760.47 million, a P/E ratio of 12.86 and a beta of 1.84.
OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Friday, October 19th. The bank reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. OFG Bancorp had a net margin of 18.22% and a return on equity of 10.28%. The firm had revenue of $100.90 million during the quarter, compared to the consensus estimate of $94.80 million. On average, sell-side analysts forecast that OFG Bancorp will post 1.5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, September 27th. OFG Bancorp’s payout ratio is 18.05%.
Several research analysts have commented on OFG shares. TheStreet raised shares of OFG Bancorp from a “c+” rating to a “b” rating in a report on Monday, July 23rd. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Wednesday, October 24th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of OFG Bancorp in a report on Monday, July 23rd. Finally, Sandler O’Neill reaffirmed a “buy” rating and issued a $18.00 price target on shares of OFG Bancorp in a report on Friday, July 20th. Five equities research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $17.75.
About OFG Bancorp
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in 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 products; and financial planning, investment brokerage, corporate and individual trust, and retirement services.
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