OFG Bancorp (NYSE:OFG) Hits New 1-Year High – Should You Buy?

OFG Bancorp (NYSE:OFG)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $48.11 and last traded at $48.2650, with a volume of 277775 shares traded. The stock had previously closed at $48.06.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial boosted their price target on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Piper Sandler reissued a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company increased their price target on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

OFG Bancorp Price Performance

The stock has a fifty day moving average of $44.68 and a 200-day moving average of $42.15. The firm has a market capitalization of $2.02 billion, a P/E ratio of 9.90 and a beta of 0.70. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

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

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is 28.93%.

Institutional Trading of OFG Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of OFG. Bank of America Corp DE lifted its holdings in OFG Bancorp by 28.4% during the 1st quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock worth $5,361,000 after buying an additional 29,269 shares in the last quarter. Amundi increased its stake in shares of OFG Bancorp by 140.7% in the 1st quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after buying an additional 9,357 shares during the period. Royal Bank of Canada increased its stake in shares of OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after buying an additional 1,736 shares during the period. Empowered Funds LLC raised its position in shares of OFG Bancorp by 19.9% during the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock worth $8,592,000 after acquiring an additional 35,269 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of OFG Bancorp by 49.6% during the first quarter. Quantinno Capital Management LP now owns 8,473 shares of the bank’s stock worth $343,000 after acquiring an additional 2,808 shares during the last quarter. Institutional investors and hedge funds 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.