OFG Bancorp (NYSE:OFG) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of OFG Bancorp (NYSE:OFGFree Report) from a sell rating to a hold rating in a research report released on Saturday morning.

A number of other research firms have also issued reports on OFG. Hovde Group reduced their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company lowered shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their target price on shares of OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Finally, Piper Sandler reduced their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.50.

Read Our Latest Stock Report on OFG

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $40.92 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The firm has a 50-day simple moving average of $40.33 and a 200 day simple moving average of $41.14. The company has a market cap of $1.84 billion, a PE ratio of 9.81 and a beta of 0.75.

OFG Bancorp (NYSE:OFGGet Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $178.30 million for the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. During the same period in the prior year, the company earned $1.05 EPS. On average, sell-side analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp’s dividend payout ratio is currently 28.78%.

Insider Transactions at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the sale, the chief financial officer now directly owns 63,470 shares of the company’s stock, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC raised its holdings in shares of OFG Bancorp by 196.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after purchasing an additional 680 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of OFG Bancorp in the 4th quarter worth approximately $44,000. Vestcor Inc bought a new stake in shares of OFG Bancorp in the 4th quarter worth approximately $107,000. Quarry LP raised its holdings in shares of OFG Bancorp by 458.9% in the 1st quarter. Quarry LP now owns 2,666 shares of the bank’s stock worth $107,000 after purchasing an additional 2,189 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of OFG Bancorp in the 4th quarter worth approximately $172,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

(Get Free Report)

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.

Further Reading

Receive News & Ratings for OFG Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OFG Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.