Tegean Capital Management Lowers stake in OFG Bancorp (OFG)

OFG Bancorp (OFG) : Tegean Capital Management reduced its stake in OFG Bancorp by 4.09% during the most recent quarter end. The investment management company now holds a total of 652,300 shares of OFG Bancorp which is valued at $6,914,380 after selling 27,800 shares in OFG Bancorp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.OFG Bancorp makes up approximately 8.47% of Tegean Capital Management’s portfolio.

Other Hedge Funds, Including , Highbridge Capital Management sold out all of its stake in OFG during the most recent quarter. The investment firm sold 48,720 shares of OFG which is valued $516,432. Stilwell Value added OFG to its portfolio by purchasing 750,000 company shares during the most recent quarter which is valued at $7,950,000. OFG Bancorp makes up approx 4.94% of Stilwell Value’s portfolio.Profund Advisors boosted its stake in OFG in the latest quarter, The investment management firm added 844 additional shares and now holds a total of 14,618 shares of OFG Bancorp which is valued at $154,951. OFG Bancorp makes up approx 0.01% of Profund Advisors’s portfolio.California State Teachers Retirement System reduced its stake in OFG by selling 3,707 shares or 3.92% in the most recent quarter. The Hedge Fund company now holds 90,740 shares of OFG which is valued at $967,288.

OFG Bancorp closed down -0.11 points or -1.01% at $10.8 with 2,97,051 shares getting traded on Thursday. Post opening the session at $10.97, the shares hit an intraday low of $10.66 and an intraday high of $11.01 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, OFG Bancorp reported $0.25 EPS for the quarter, based on the information available during the earnings call on Jul 22, 2016. Analyst had a consensus estimate of $0.25.Analysts expectations of $ 90.20.During the same quarter in the previous year, the company posted $-0.15 EPS.

Investors should note that on Aug 24, 2016, OFG Bancorp announced a cash dividend of $0.0600. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 17, 2016.

OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company provides banking and financial services to its clients through a range of banking and financial solutions including commercial consumer auto and mortgage lending; checking and savings accounts; financial planning insurance financial service and investment brokerage and corporate and individual trust and retirement services. The Company operates through three segments: Banking Wealth Management and Treasury. The Company provides these services through various subsidiaries including a commercial bank Oriental Bank a securities broker-dealer Oriental Financial Services Corp. (Oriental Financial Services) an insurance agency Oriental Insurance Inc. (Oriental Insurance) and a retirement plan administrator Caribbean Pension Consultants Inc. (CPC). The Company has 53 branches in Puerto Rico.

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