OFG Bancorp (NYSE:OFG) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,728,426 shares, a decline of 58.5% from the October 15th total of 4,162,597 shares. Based on an average trading volume of 776,909 shares, the short-interest ratio is presently 2.2 days. Currently, 4.0% of the shares of the stock are sold short.

NYSE:OFG opened at $18.56 on Friday. The stock has a market cap of $924.32 million, a P/E ratio of 13.95 and a beta of 1.65. OFG Bancorp has a 52-week low of $8.40 and a 52-week high of $18.65. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.14.

OFG Bancorp (NYSE:OFG) last released its earnings results 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. The firm had revenue of $100.90 million for the quarter, compared to analyst estimates of $94.80 million. OFG Bancorp had a return on equity of 10.28% and a net margin of 18.22%. Sell-side analysts anticipate that OFG Bancorp will post 1.5 earnings per share for the current fiscal year.

A number of research firms recently issued reports on OFG. Zacks Investment Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a report on Thursday, July 26th. TheStreet raised OFG Bancorp from a “c+” rating to a “b” rating in a report on Monday, July 23rd. Sandler O’Neill reaffirmed a “buy” rating and set a $18.00 target price on shares of OFG Bancorp in a report on Friday, July 20th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of OFG Bancorp in a report on Monday, July 23rd. Five equities research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus target price of $17.75.

Large investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. acquired a new position in shares of OFG Bancorp in the 3rd quarter valued at $110,000. Tower Research Capital LLC TRC boosted its position in shares of OFG Bancorp by 1,775.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,941 shares of the bank’s stock valued at $160,000 after purchasing an additional 9,411 shares during the period. Sei Investments Co. boosted its position in shares of OFG Bancorp by 223.1% in the 2nd quarter. Sei Investments Co. now owns 9,958 shares of the bank’s stock valued at $140,000 after purchasing an additional 6,876 shares during the period. Piedmont Investment Advisors LLC acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at $144,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of OFG Bancorp in the 3rd quarter valued at $170,000. 84.27% of the stock is currently owned by hedge funds and other institutional investors.

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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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