OFG Bancorp (NYSE:OFG) Earns Neutral Rating from Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of OFG Bancorp (NYSE:OFG) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $45.00 price objective on the bank’s stock.

A number of other equities analysts also recently commented on the stock. Keefe, Bruyette & Woods cut their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Zacks Research lowered shares of OFG Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 16th. Truist Financial cut their price target on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Finally, Wells Fargo & Company dropped their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, OFG Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $47.67.

OFG Bancorp Stock Down 0.9%

OFG opened at $41.55 on Thursday. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11. The business has a 50 day moving average price of $41.03 and a two-hundred day moving average price of $42.31. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.83 billion, a PE ratio of 9.44 and a beta of 0.77.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The company had revenue of $186.18 million for the quarter, compared to the consensus estimate of $186.71 million. During the same period last year, the business posted $1.00 EPS. The company’s revenue was up 5.7% on a year-over-year basis. As a group, research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a $0.30 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

Insider Transactions at OFG Bancorp

In related news, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the sale, the director directly owned 27,543 shares in the company, valued at $1,125,131.55. The trade was a 47.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the transaction, the director owned 22,690 shares of the company’s stock, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 62,500 shares of company stock worth $2,564,302. Corporate insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC increased its position in OFG Bancorp by 211.0% during the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after buying an additional 286,113 shares in the last quarter. Burney Co. acquired a new stake in shares of OFG Bancorp during the second quarter valued at $10,236,000. CSM Advisors LLC purchased a new stake in OFG Bancorp during the 2nd quarter worth about $8,235,000. Qube Research & Technologies Ltd raised its stake in OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in OFG Bancorp by 6.5% in the 3rd quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock valued at $81,566,000 after purchasing an additional 113,868 shares in the last quarter. Hedge funds and other 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.