Stone Ridge Asset Management LLC Raises Position in OFG Bancorp (OFG)
Stone Ridge Asset Management LLC boosted its stake in OFG Bancorp (NYSE:OFG) by 21.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,778 shares of the bank’s stock after buying an additional 5,752 shares during the quarter. Stone Ridge Asset Management LLC owned approximately 0.07% of OFG Bancorp worth $529,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. American Century Companies Inc. grew its position in shares of OFG Bancorp by 20.4% in the third quarter. American Century Companies Inc. now owns 283,239 shares of the bank’s stock valued at $4,574,000 after purchasing an additional 48,012 shares during the period. Engineers Gate Manager LP grew its position in shares of OFG Bancorp by 32.7% in the third quarter. Engineers Gate Manager LP now owns 38,116 shares of the bank’s stock valued at $616,000 after purchasing an additional 9,398 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in shares of OFG Bancorp in the third quarter valued at $110,000. James Investment Research Inc. grew its position in shares of OFG Bancorp by 9.0% in the third quarter. James Investment Research Inc. now owns 51,830 shares of the bank’s stock valued at $837,000 after purchasing an additional 4,260 shares during the period. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of OFG Bancorp in the third quarter valued at $306,000. 85.49% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on OFG shares. Zacks Investment Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 22nd. Piper Jaffray Companies restated a “buy” rating and set a $19.00 price objective on shares of OFG Bancorp in a research note on Thursday, August 16th. Five equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $17.75.
OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Friday, October 19th. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. OFG Bancorp had a return on equity of 10.28% and a net margin of 18.22%. The business had revenue of $100.90 million during the quarter, compared to analyst estimates of $94.80 million. Equities research analysts forecast that OFG Bancorp will post 1.5 EPS for the current fiscal year.
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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; and financial planning, investment brokerage, corporate and individual trust, and retirement services.
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