OFG Bancorp (NYSE:OFG) Receives Average Rating of “Hold” from Brokerages

OFG Bancorp (NYSE:OFG) has earned a consensus recommendation of “Hold” from the six research firms that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $47.20.

A number of equities research analysts have weighed in on the company. 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. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Piper Sandler reiterated a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd.

OFG Bancorp Stock Performance

Shares of OFG opened at $49.49 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The firm’s fifty day simple moving average is $46.37 and its two-hundred day simple moving average is $42.94. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $50.66. The stock has a market capitalization of $2.09 billion, a P/E ratio of 10.22 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The company had revenue of $185.80 million for the quarter. As a group, analysts predict that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s payout ratio is 28.93%.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its holdings in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp in the second quarter worth approximately $97,000. Royal Bank of Canada grew its stake in OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in OFG Bancorp in the second quarter valued at approximately $162,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

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.