OFG Bancorp (NYSE:OFG) Shares Pass Above 200-Day Moving Average – What’s Next?

OFG Bancorp (NYSE:OFG)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.93 and traded as high as $46.69. OFG Bancorp shares last traded at $46.35, with a volume of 208,997 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OFG. Piper Sandler restated a “neutral” rating and set a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. Truist Financial lifted their price objective on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Wells Fargo & Company lifted their price objective on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.20.

OFG Bancorp Price Performance

The company has a fifty day simple moving average of $44.13 and a two-hundred day simple moving average of $41.93. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 9.58 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. The company had revenue of $185.80 million during the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. As a group, research analysts anticipate that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 3.0%. OFG Bancorp’s payout ratio is 28.93%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in OFG Bancorp in the 3rd quarter valued at $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in OFG Bancorp in the 3rd quarter valued at $53,000. EverSource Wealth Advisors LLC raised its holdings in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the 2nd quarter valued at $97,000. Finally, Quantbot Technologies LP purchased a new stake in shares of OFG Bancorp during the 2nd quarter valued at $162,000. 92.73% of the stock is currently 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.