OFG Bancorp (NYSE:OFG) Receives Average Recommendation of “Hold” from Analysts

Shares of OFG Bancorp (NYSE:OFG) have received an average recommendation of “Hold” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $45.8333.

A number of brokerages recently commented on OFG. Piper Sandler assumed coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price objective for the company. Truist Financial decreased their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the completion of the transaction, the insider owned 351 shares of the company’s stock, valued at approximately $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Annette Franqui purchased 1,540 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was acquired at an average price of $42.06 per share, with a total value of $64,772.40. Following the purchase, the director owned 3,440 shares in the company, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in shares of OFG Bancorp during the third quarter valued at approximately $35,000. Wealth Enhancement Advisory Services LLC purchased a new stake in OFG Bancorp during the 3rd quarter valued at about $53,000. EverSource Wealth Advisors LLC lifted its stake in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the second quarter valued at approximately $97,000. Finally, Quantbot Technologies LP acquired a new position in OFG Bancorp during the second quarter worth $162,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Down 1.9%

Shares of OFG opened at $39.25 on Monday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The firm has a fifty day moving average price of $40.94 and a 200-day moving average price of $41.62. The firm has a market capitalization of $1.67 billion, a P/E ratio of 8.57 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. Equities research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its board has authorized a share buyback program on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 12% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio (DPR) is presently 30.57%.

About OFG Bancorp

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.