Massachusetts Financial Services Co. MA Invests $306,000 in OFG Bancorp (OFG)
Massachusetts Financial Services Co. MA acquired a new stake in OFG Bancorp (NYSE:OFG) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 18,950 shares of the bank’s stock, valued at approximately $306,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. raised its position in OFG Bancorp by 6.1% during the second quarter. BlackRock Inc. now owns 6,173,612 shares of the bank’s stock worth $86,739,000 after acquiring an additional 355,642 shares during the last quarter. FMR LLC raised its position in OFG Bancorp by 6.7% during the second quarter. FMR LLC now owns 2,558,957 shares of the bank’s stock worth $35,953,000 after acquiring an additional 160,685 shares during the last quarter. Northern Trust Corp raised its position in OFG Bancorp by 2.1% during the second quarter. Northern Trust Corp now owns 873,616 shares of the bank’s stock worth $12,274,000 after acquiring an additional 17,710 shares during the last quarter. Principal Financial Group Inc. raised its position in OFG Bancorp by 2.4% during the first quarter. Principal Financial Group Inc. now owns 336,846 shares of the bank’s stock worth $3,520,000 after acquiring an additional 7,990 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in OFG Bancorp by 225.2% during the second quarter. State Board of Administration of Florida Retirement System now owns 170,399 shares of the bank’s stock worth $2,394,000 after acquiring an additional 118,006 shares during the last quarter. Hedge funds and other institutional investors own 97.87% of the company’s stock.
A number of equities analysts have issued reports on the stock. Piper Jaffray Companies restated a “buy” rating and set a $19.00 target price on shares of OFG Bancorp in a research report on Thursday, August 16th. Zacks Investment Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating and set a $19.00 target price for the company in a research report on Thursday, July 26th. Sandler O’Neill restated a “buy” rating and set a $18.00 target price on shares of OFG Bancorp in a research report on Friday, July 20th. Finally, TheStreet upgraded shares of OFG Bancorp from a “c+” rating to a “b” rating in a research report on Monday, July 23rd. Five analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $17.75.
OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Friday, October 19th. The bank reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $100.90 million during the quarter, compared to the consensus estimate of $94.80 million. OFG Bancorp had a net margin of 18.22% and a return on equity of 10.28%. As a group, research analysts anticipate that OFG Bancorp will post 1.5 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 1.32%. OFG Bancorp’s payout ratio is 18.05%.
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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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