Analysts Set OFG Bancorp (NYSE:OFG) PT at $47.17

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $47.1667.

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, October 23rd. Truist Financial cut their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Zacks Research raised OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Wells Fargo & Company cut their price objective on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Finally, UBS Group set a $50.00 price target on shares of OFG Bancorp in a research report on Thursday, October 9th.

OFG Bancorp Trading Down 1.3%

OFG Bancorp stock opened at $39.28 on Friday. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a market cap of $1.73 billion, a P/E ratio of 8.93 and a beta of 0.84. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The business has a 50-day simple moving average of $41.44 and a two-hundred day simple moving average of $42.46.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, hitting the consensus estimate of $1.16. The firm had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.00 EPS. Analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

Insider Activity

In related news, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jose Rafael Fernandez sold 25,232 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the sale, the chief executive officer owned 184,675 shares in the company, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 55,000 shares of company stock worth $2,247,747 over the last 90 days. Company insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Several institutional investors have recently bought and sold shares of OFG. Nuveen LLC purchased a new stake in OFG Bancorp in the 1st quarter worth $44,749,000. Empowered Funds LLC increased its holdings in shares of OFG Bancorp by 211.0% in the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after purchasing an additional 286,113 shares during the last quarter. Burney Co. purchased a new stake in shares of OFG Bancorp in the second quarter worth about $10,236,000. Millennium Management LLC boosted its stake in OFG Bancorp by 73.1% during the first quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock valued at $21,372,000 after buying an additional 225,472 shares during the last quarter. Finally, CSM Advisors LLC bought a new stake in OFG Bancorp in the 2nd quarter worth approximately $8,235,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

About OFG Bancorp

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.