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

OFG Bancorp (NYSE:OFG) has received an average rating of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $47.1667.

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their target price on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. UBS Group set a $50.00 price objective on OFG Bancorp in a research report on Thursday, October 9th. Zacks Research cut OFG Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 16th. Truist Financial cut their target price on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Finally, Wells Fargo & Company decreased their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $41.40 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The company’s 50-day moving average price is $40.88 and its two-hundred day moving average price is $42.37. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11. The stock has a market cap of $1.82 billion, a PE ratio of 9.41 and a beta of 0.77.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. The company had revenue of $186.18 million during the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 EPS. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

Insider Activity

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,500 shares of company stock worth $2,564,302 over the last three months. 3.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Empowered Funds LLC lifted its stake in OFG Bancorp by 211.0% in the 2nd quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after acquiring an additional 286,113 shares in the last quarter. Burney Co. acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at about $10,236,000. Millennium Management LLC lifted its position in shares of OFG Bancorp by 73.1% in the first quarter. Millennium Management LLC now owns 534,039 shares of the bank’s stock worth $21,372,000 after purchasing an additional 225,472 shares in the last quarter. CSM Advisors LLC acquired a new stake in shares of OFG Bancorp during the second quarter worth approximately $8,235,000. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of OFG Bancorp by 31.6% during the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after purchasing an additional 133,046 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

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.