OFG Bancorp (OFG) Shares Down 2.6%
OFG Bancorp (NYSE:OFG)’s share price traded down 2.6% during trading on Wednesday . The company traded as low as $9.86 and last traded at $9.90, with a volume of 180,531 shares changing hands. The stock had previously closed at $10.16.
A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Saturday, August 6th. Keefe, Bruyette & Woods lifted their price objective on shares of OFG Bancorp from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Monday, July 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $10.85.
The company has a 50 day moving average of $10.70 and a 200 day moving average of $8.85. The company has a market cap of $438.25 million, a P/E ratio of 23.99 and a beta of 1.33.
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OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Friday, July 22nd. The company reported $0.25 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.25. OFG Bancorp had a return on equity of 4.40% and a net margin of 7.01%. During the same period last year, the business posted ($0.15) earnings per share. Equities research analysts predict that OFG Bancorp will post $0.98 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.24 dividend on an annualized basis and a yield of 2.40%. OFG Bancorp’s payout ratio is presently 57.14%.
A number of large investors have recently made changes to their positions in OFG. Royal Bank of Canada raised its stake in shares of OFG Bancorp by 76.6% in the first quarter. Royal Bank of Canada now owns 116,258 shares of the company’s stock worth $813,000 after buying an additional 50,429 shares during the last quarter. Arizona State Retirement System raised its stake in shares of OFG Bancorp by 3.7% in the first quarter. Arizona State Retirement System now owns 22,544 shares of the company’s stock worth $158,000 after buying an additional 800 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of OFG Bancorp by 0.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 30,469 shares of the company’s stock worth $213,000 after buying an additional 261 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of OFG Bancorp by 107.6% in the first quarter. Envestnet Asset Management Inc. now owns 27,856 shares of the company’s stock worth $195,000 after buying an additional 14,440 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of OFG Bancorp by 218.0% in the first quarter. Wellington Management Group LLP now owns 4,130,883 shares of the company’s stock worth $28,875,000 after buying an additional 2,831,877 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.
OFG Bancorp Company Profile
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.
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