OFG Bancorp (NYSE:OFG) Hits New 52-Week High at $43.38

Shares of OFG Bancorp (NYSE:OFG) hit a new 52-week high during trading on Wednesday . The company traded as high as $43.38 and last traded at $43.09, with a volume of 63694 shares trading hands. The stock had previously closed at $42.33.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company cut their target price on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th.

OFG Bancorp Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 10.83 and a beta of 1.00. The business’s fifty day simple moving average is $37.28 and its 200 day simple moving average is $36.50.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The firm had revenue of $213.49 million for the quarter, compared to analyst estimates of $175.20 million. During the same quarter in the previous year, the business posted $0.96 EPS. Research analysts predict that OFG Bancorp will post 4.02 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. OFG Bancorp’s dividend payout ratio is currently 25.58%.

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 6,695 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the transaction, the insider now owns 76,578 shares in the company, valued at approximately $2,904,603.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co increased its position in shares of OFG Bancorp by 5.3% in the 2nd quarter. Diversified Trust Co now owns 14,143 shares of the bank’s stock worth $530,000 after purchasing an additional 718 shares during the last quarter. SG Americas Securities LLC increased its position in shares of OFG Bancorp by 30.4% in the 2nd quarter. SG Americas Securities LLC now owns 22,574 shares of the bank’s stock worth $845,000 after purchasing an additional 5,269 shares during the last quarter. CWM LLC increased its position in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares during the last quarter. First Hawaiian Bank bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $600,000. Finally, EMC Capital Management grew its position in shares of OFG Bancorp by 33.6% during the 1st quarter. EMC Capital Management now owns 18,214 shares of the bank’s stock valued at $670,000 after buying an additional 4,576 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.