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

Shares of OFG Bancorp (NYSE:OFG) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $55.20.

A number of research firms recently issued reports on OFG. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Benchmark initiated coverage on OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating for the company. Wells Fargo & Company upped their price objective on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Finally, Truist Financial increased their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd.

OFG Bancorp Stock Performance

Shares of OFG opened at $52.23 on Monday. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The stock has a market cap of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $50.76 and a two-hundred day moving average of $45.61.

OFG Bancorp (NYSE:OFG) last released its quarterly 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 business had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same period in the prior year, the business earned $1.15 earnings per share. As a group, research analysts predict that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is 27.56%.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer directly owned 56,684 shares in the company, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 66,352 shares of company stock valued at $3,491,362 in the last ninety days. Insiders own 1.23% of the company’s stock.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP purchased a new position in shares of OFG Bancorp during the 2nd quarter worth $31,000. Quarry LP acquired a new position in OFG Bancorp in the third quarter valued at $35,000. Nykredit A S purchased a new position in OFG Bancorp during the second quarter worth about $43,000. EverSource Wealth Advisors LLC boosted its position in shares of 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 acquiring an additional 1,095 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in OFG Bancorp during the second quarter worth approximately $97,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.