OFG Bancorp (NYSE:OFG) Price Target Raised to $48.00

OFG Bancorp (NYSE:OFG) had its price objective lifted by Wells Fargo & Company from $45.00 to $48.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research firms have also weighed in on OFG. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday. Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Stock Down 0.2 %

NYSE OFG opened at $43.23 on Thursday. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.24 and a beta of 1.02. The stock’s 50 day moving average is $43.56 and its two-hundred day moving average is $43.30. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period last year, the business posted $0.98 EPS. Equities analysts forecast that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. OFG Bancorp’s dividend payout ratio is 23.70%.

OFG Bancorp announced that its Board of Directors has approved a share repurchase program on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the period. R Squared Ltd bought a new position in OFG Bancorp in the fourth quarter valued at about $44,000. Blue Trust Inc. increased its position in OFG Bancorp by 2,377.8% in the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the period. Farther Finance Advisors LLC raised its holdings in OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Quarry LP lifted its position in OFG Bancorp by 98.7% during the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the period. Institutional investors own 92.73% of the company’s stock.

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.