OFG Bancorp (NYSE:OFG) Price Target Raised to $58.00

OFG Bancorp (NYSE:OFG) had its price objective boosted by Truist Financial from $55.00 to $58.00 in a report released on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the bank’s stock.

A number of other brokerages also recently commented on OFG. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Finally, Benchmark started coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $54.00.

OFG Bancorp Trading Down 0.3%

NYSE:OFG opened at $52.27 on Wednesday. The firm has a market cap of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70. The stock has a fifty day moving average price of $47.96 and a 200 day moving average price of $43.85. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.20. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million for the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the prior year, the business earned $1.15 EPS. Sell-side analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.7%. OFG Bancorp’s payout ratio is presently 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds have recently added to or reduced their stakes in OFG. Quarry LP acquired a new stake in OFG Bancorp during the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC grew its position in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at $97,000. Royal Bank of Canada raised its stake in OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in OFG Bancorp during the 2nd quarter worth $162,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

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.