OFG Bancorp (NYSE:OFG) Stake Reduced by Engineers Gate Manager LP

Engineers Gate Manager LP cut its holdings in OFG Bancorp (NYSE:OFG – Get Rating) by 27.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,529 shares of the bank’s stock after selling 6,772 shares during the quarter. Engineers Gate Manager LP’s holdings in OFG Bancorp were worth $441,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new stake in OFG Bancorp in the third quarter worth about $25,000. Quantbot Technologies LP raised its holdings in OFG Bancorp by 734.8% during the 2nd quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock worth $42,000 after buying an additional 1,477 shares during the period. Tower Research Capital LLC TRC raised its holdings in OFG Bancorp by 193.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,592 shares of the bank’s stock worth $166,000 after buying an additional 4,349 shares during the period. Mutual of America Capital Management LLC raised its holdings in OFG Bancorp by 14.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 8,162 shares of the bank’s stock worth $207,000 after buying an additional 1,010 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in OFG Bancorp during the 3rd quarter worth about $209,000. 91.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded OFG Bancorp from a “strong-buy” rating to a “buy” rating in a report on Friday, November 25th.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 30,000 shares of OFG Bancorp stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $30.14, for a total transaction of $904,200.00. Following the transaction, the director now owns 40,870 shares of the company’s stock, valued at approximately $1,231,821.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other OFG Bancorp news, Director Jorge Colon sold 30,000 shares of OFG Bancorp stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $30.14, for a total transaction of $904,200.00. Following the transaction, the director now owns 40,870 shares of the company’s stock, valued at approximately $1,231,821.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jose Rafael Fernandez sold 8,251 shares of OFG Bancorp stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $29.27, for a total value of $241,506.77. Following the transaction, the chief executive officer now directly owns 30,152 shares in the company, valued at approximately $882,549.04. The disclosure for this sale can be found here. Insiders have sold a total of 92,338 shares of company stock valued at $2,756,146 in the last 90 days. 2.66% of the stock is currently owned by corporate insiders.

OFG Bancorp Price Performance

NYSE OFG opened at $27.60 on Monday. The stock’s 50-day moving average price is $28.63 and its two-hundred day moving average price is $27.75. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.31 billion, a PE ratio of 8.02 and a beta of 1.07. OFG Bancorp has a 1 year low of $24.39 and a 1 year high of $30.52.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 31st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.19%. The ex-dividend date is Thursday, March 30th. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.20. OFG Bancorp’s payout ratio is 23.26%.

OFG Bancorp Profile

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OFG Bancorp is a holding company, which engages in the provision of banking and financial services. It operates through the following segments: Banking, Wealth Management, and Treasury. The Banking segment includes its branches and traditional banking products such as deposits and commercial, consumer, and mortgage loans.