SummerHaven Investment Management LLC Purchases 295 Shares of OFG Bancorp (NYSE:OFG)

SummerHaven Investment Management LLC increased its holdings in shares of OFG Bancorp (NYSE:OFG) by 1.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 26,059 shares of the bank’s stock after acquiring an additional 295 shares during the period. SummerHaven Investment Management LLC owned about 0.06% of OFG Bancorp worth $977,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Panagora Asset Management Inc. purchased a new stake in OFG Bancorp during the 3rd quarter valued at about $4,205,000. Knights of Columbus Asset Advisors LLC grew its position in OFG Bancorp by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 196,042 shares of the bank’s stock worth $7,348,000 after acquiring an additional 95,282 shares during the period. American Century Companies Inc. boosted its position in shares of OFG Bancorp by 9.9% during the third quarter. American Century Companies Inc. now owns 568,693 shares of the bank’s stock worth $16,981,000 after buying an additional 51,391 shares during the period. Kennedy Capital Management LLC boosted its holdings in OFG Bancorp by 28.1% in the third quarter. Kennedy Capital Management LLC now owns 178,319 shares of the bank’s stock valued at $5,325,000 after purchasing an additional 39,094 shares during the period. Finally, FMR LLC boosted its holdings in OFG Bancorp by 20.7% in the third quarter. FMR LLC now owns 188,557 shares of the bank’s stock valued at $5,630,000 after purchasing an additional 32,400 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

Shares of NYSE:OFG traded up $0.14 during trading hours on Monday, hitting $36.44. The stock had a trading volume of 19,865 shares, compared to its average volume of 239,466. The stock’s fifty day simple moving average is $35.77 and its 200 day simple moving average is $34.96. OFG Bancorp has a 1-year low of $22.34 and a 1-year high of $39.04. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 9.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The firm had revenue of $213.49 million during the quarter, compared to analyst estimates of $175.20 million. During the same quarter last year, the business posted $0.96 EPS. Sell-side analysts anticipate that OFG Bancorp will post 4.02 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.25 per share. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Wednesday, March 27th. OFG Bancorp’s payout ratio is 25.58%.

Analyst Ratings Changes

Separately, Wells Fargo & Company cut their target price on OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th.

Insider Activity

In other news, insider Ganesh Kumar sold 9,071 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $35.18, for a total transaction of $319,117.78. Following the transaction, the insider now directly owns 144,502 shares in the company, valued at $5,083,580.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 34,536 shares of company stock worth $1,238,317. Corporate insiders own 2.16% of the company’s stock.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.