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

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus rating of “Moderate Buy” by the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $54.00.

A number of research firms have recently weighed in on OFG. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Wells Fargo & Company increased their price target on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating for the company. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Finally, Truist Financial upped their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd.

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors have recently made changes to their positions in OFG. Quarry LP purchased a new position in shares of OFG Bancorp during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its stake 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 buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp during the second quarter valued at approximately $97,000. Royal Bank of Canada raised its stake in shares of OFG Bancorp by 80.2% during the first 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 purchased a new position in shares of OFG Bancorp during the second quarter worth approximately $162,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

NYSE OFG opened at $53.16 on Thursday. The firm has a 50-day moving average price of $49.19 and a two-hundred day moving average price of $44.52. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.82. The company has a market capitalization of $2.25 billion, a P/E ratio of 10.46 and a beta of 0.69. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.32 million for the quarter, compared to analyst estimates of $182.64 million. During the same period last year, the firm earned $1.15 EPS. Analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

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.