OFG Bancorp (NYSE:OFG) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

OFG Bancorp (NYSE:OFG) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $42.44 and traded as high as $47.34. OFG Bancorp shares last traded at $47.2030, with a volume of 603,116 shares changing hands.

Analyst Upgrades and Downgrades

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

OFG Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $1.99 billion, a PE ratio of 9.75 and a beta of 0.70. The firm has a fifty day moving average price of $45.29 and a 200 day moving average price of $42.44.

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 firm had revenue of $185.80 million for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. Research analysts anticipate that OFG Bancorp will post 4.75 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 28.93%.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently made changes to their positions in OFG. Royal Bank of Canada boosted its stake in OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after purchasing an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares during the period. Quantbot Technologies LP acquired a new stake in OFG Bancorp during the 2nd quarter valued at $162,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after purchasing an additional 31,816 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.