OFG Bancorp (NYSE:OFG) Given Consensus Rating of “Hold” by Analysts

OFG Bancorp (NYSE:OFG) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $45.8333.

A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Piper Sandler initiated coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price target for the company. Finally, Truist Financial lowered their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $40.09 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The firm’s 50-day simple moving average is $41.13 and its 200-day simple moving average is $41.72. The firm has a market cap of $1.73 billion, a PE ratio of 8.75 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The business had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same period last year, the firm earned $1.09 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 12% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is currently 26.20%.

Insider Activity at OFG Bancorp

In related news, insider Cesar A. Ortiz sold 5,500 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the transaction, the insider directly owned 351 shares in the company, valued at $14,801.67. This represents a 94.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director directly owned 22,690 shares in the company, valued at $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Penn Capital Management Company LLC grew its position in OFG Bancorp by 1.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock valued at $821,000 after buying an additional 303 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of OFG Bancorp by 4.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after acquiring an additional 396 shares during the period. Trexquant Investment LP boosted its holdings in shares of OFG Bancorp by 0.4% in the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after acquiring an additional 446 shares in the last quarter. Polymer Capital Management US LLC increased its stake in shares of OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after acquiring an additional 466 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in shares of OFG Bancorp by 1.5% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 500 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

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.