Second Curve Capital LLC acquired a new position in OFG Bancorp (NYSE:OFG) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 60,000 shares of the bank’s stock, valued at approximately $1,426,000. OFG Bancorp accounts for 1.0% of Second Curve Capital LLC’s investment portfolio, making the stock its 18th largest position. Second Curve Capital LLC owned about 0.12% of OFG Bancorp at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in OFG Bancorp by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,739,745 shares of the bank’s stock worth $61,556,000 after acquiring an additional 26,096 shares during the period. BNP Paribas Arbitrage SA grew its holdings in OFG Bancorp by 150.9% during the first quarter. BNP Paribas Arbitrage SA now owns 14,968 shares of the bank’s stock worth $296,000 after acquiring an additional 9,003 shares during the period. SG Americas Securities LLC grew its holdings in OFG Bancorp by 38.1% during the first quarter. SG Americas Securities LLC now owns 28,503 shares of the bank’s stock worth $564,000 after acquiring an additional 7,867 shares during the period. Rhumbline Advisers grew its holdings in OFG Bancorp by 1.7% during the first quarter. Rhumbline Advisers now owns 131,608 shares of the bank’s stock worth $2,605,000 after acquiring an additional 2,214 shares during the period. Finally, Comerica Bank grew its holdings in OFG Bancorp by 2.1% during the first quarter. Comerica Bank now owns 43,214 shares of the bank’s stock worth $843,000 after acquiring an additional 899 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. Piper Jaffray Companies set a $28.00 price target on OFG Bancorp and gave the stock a “buy” rating in a research report on Friday, June 28th. Zacks Investment Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, July 1st. Finally, ValuEngine downgraded OFG Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st.
OFG Bancorp (NYSE:OFG) last released its earnings results on Monday, July 22nd. The bank reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.01). The firm had revenue of $104.03 million during the quarter, compared to analysts’ expectations of $98.50 million. OFG Bancorp had a net margin of 20.64% and a return on equity of 10.64%. As a group, analysts expect that OFG Bancorp will post 1.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.07 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.28 annualized dividend and a dividend yield of 1.26%. OFG Bancorp’s dividend payout ratio (DPR) is presently 18.42%.
OFG Bancorp 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; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.
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