Engineers Gate Manager LP Raises Position in OFG Bancorp (OFG)


Engineers Gate Manager LP increased its stake in shares of OFG Bancorp (NYSE:OFG) by 62.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,455 shares of the bank’s stock after buying an additional 29,451 shares during the period. Engineers Gate Manager LP’s holdings in OFG Bancorp were worth $799,000 at the end of the most recent quarter.


A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mackay Shields LLC acquired a new position in OFG Bancorp during the 1st quarter worth about $3,794,000. Polaris Capital Management LLC lifted its position in OFG Bancorp by 15.4% during the 1st quarter. Polaris Capital Management LLC now owns 312,800 shares of the bank’s stock valued at $3,269,000 after purchasing an additional 41,700 shares during the period. Wells Fargo & Company MN lifted its position in OFG Bancorp by 719.5% during the 1st quarter. Wells Fargo & Company MN now owns 217,975 shares of the bank’s stock valued at $2,278,000 after purchasing an additional 191,376 shares during the period. MetLife Investment Advisors LLC acquired a new position in OFG Bancorp during the 4th quarter valued at about $187,000. Finally, TIAA CREF Investment Management LLC lifted its position in OFG Bancorp by 23.7% during the 4th quarter. TIAA CREF Investment Management LLC now owns 212,291 shares of the bank’s stock valued at $1,996,000 after purchasing an additional 40,714 shares during the period. Institutional investors and hedge funds own 97.43% of the company’s stock.


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OFG Bancorp stock opened at $14.35 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $628.45 million, a price-to-earnings ratio of 10.52 and a beta of 1.70. OFG Bancorp has a 1 year low of $7.80 and a 1 year high of $14.70.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Friday, April 20th. The bank reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $92.51 million during the quarter. OFG Bancorp had a return on equity of 9.80% and a net margin of 12.93%. analysts forecast that OFG Bancorp will post 1.12 earnings per share for the current year.


A number of research firms have issued reports on OFG. Zacks Investment Research upgraded shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Thursday, May 17th. ValuEngine downgraded shares of OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Keefe, Bruyette & Woods restated a “buy” rating and set a $14.00 target price on shares of OFG Bancorp in a research report on Monday, April 23rd. Finally, Piper Jaffray Companies restated a “hold” rating and set a $12.00 target price on shares of OFG Bancorp in a research report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $13.50.


OFG Bancorp Company Profile

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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Institutional Ownership by Quarter for OFG Bancorp (NYSE:OFG)

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