OFG Bancorp (NYSE:OFG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of OFG Bancorp (NYSE:OFG) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $47.1667.

A number of analysts have recently weighed in on OFG shares. UBS Group set a $50.00 price target on OFG Bancorp in a research report on Thursday, October 9th. Zacks Research lowered OFG Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Wells Fargo & Company lowered their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Finally, Truist Financial dropped their price objective on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd.

OFG Bancorp Trading Down 0.6%

OFG Bancorp stock opened at $41.40 on Friday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The firm’s 50-day moving average is $40.88 and its 200-day moving average is $42.37. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $1.82 billion, a P/E ratio of 9.41 and a beta of 0.77.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business had revenue of $186.18 million during the quarter, compared to the consensus estimate of $186.71 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s payout ratio is 27.27%.

Insiders Place Their Bets

In related news, Director Jorge Colon sold 25,000 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the transaction, the director directly owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This represents a 47.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the sale, the insider directly owned 351 shares in the company, valued at $14,801.67. The trade was a 94.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 62,500 shares of company stock valued at $2,564,302. Corporate insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of OFG. Federated Hermes Inc. increased its stake in shares of OFG Bancorp by 22.0% during the second quarter. Federated Hermes Inc. now owns 177,873 shares of the bank’s stock valued at $7,613,000 after acquiring an additional 32,113 shares during the period. State of Alaska Department of Revenue lifted its position in OFG Bancorp by 5.0% in the second quarter. State of Alaska Department of Revenue now owns 26,707 shares of the bank’s stock worth $1,142,000 after purchasing an additional 1,275 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in OFG Bancorp during the 2nd quarter valued at $218,000. Hsbc Holdings PLC boosted its stake in OFG Bancorp by 122.3% during the 2nd quarter. Hsbc Holdings PLC now owns 60,193 shares of the bank’s stock valued at $2,594,000 after purchasing an additional 33,110 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of OFG Bancorp during the 2nd quarter valued at $1,122,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.