OFG Bancorp (NYSE:OFG) Stock Has Average Price Target of $55.20

Shares of OFG Bancorp (NYSE:OFG) have received a consensus recommendation of “Hold” from the seven analysts that are covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $55.20.

Several analysts have issued reports on the company. Wells Fargo & Company boosted their target price on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Benchmark started coverage on OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating for the company. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note 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.

OFG Bancorp Trading Up 0.3%

Shares of OFG stock opened at $51.73 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.19 billion, a P/E ratio of 10.18 and a beta of 0.68. The company has a 50 day moving average of $52.45 and a 200-day moving average of $47.48. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data 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 return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.28 million for the quarter, compared to the consensus estimate of $182.64 million. During the same quarter in the prior year, the business earned $1.15 earnings per share. Sell-side analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp’s payout ratio is 27.56%.

Insider Activity at OFG Bancorp

In related news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the transaction, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of the firm’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 transaction of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in OFG Bancorp during the 2nd quarter valued at about $302,289,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of OFG Bancorp in the second quarter worth about $24,993,000. Jupiter Topco LLC bought a new position in shares of OFG Bancorp in the second quarter valued at approximately $21,094,000. Deutsche Bank AG bought a new position in shares of OFG Bancorp in the second quarter valued at approximately $20,652,000. Finally, Bank of New York Mellon Corp purchased a new position in OFG Bancorp during the second quarter valued at approximately $18,687,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.