OFG Bancorp (NYSE:OFG) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have been assigned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $47.1667.

Several research firms have recently issued reports on OFG. Zacks Research raised OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Keefe, Bruyette & Woods dropped their price target on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, October 23rd. Wells Fargo & Company cut their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Finally, Truist Financial lowered their price objective on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $39.76 on Friday. The company’s 50 day moving average price is $41.53 and its two-hundred day moving average price is $42.46. The firm has a market capitalization of $1.75 billion, a P/E ratio of 9.04 and a beta of 0.84. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.87.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting analysts’ consensus estimates of $1.16. The company had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.OFG Bancorp’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.00 EPS. On average, equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.30 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. OFG Bancorp’s payout ratio is 27.27%.

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This trade represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jorge Colon sold 25,000 shares of OFG Bancorp 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 completion of the sale, the director 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 55,000 shares of company stock worth $2,247,747. Insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Several large investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. acquired a new stake in OFG Bancorp in the third quarter worth $207,000. Caxton Associates LLP purchased a new stake in shares of OFG Bancorp in the third quarter valued at about $206,000. PharVision Advisers LLC purchased a new position in OFG Bancorp during the third quarter worth about $213,000. Voleon Capital Management LP bought a new stake in OFG Bancorp in the 3rd quarter worth about $400,000. Finally, Verition Fund Management LLC grew its position in OFG Bancorp by 108.2% in the 3rd quarter. Verition Fund Management LLC now owns 52,364 shares of the bank’s stock worth $2,277,000 after purchasing an additional 27,208 shares in the last quarter. Institutional investors and hedge funds 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.