OFG Bancorp (NYSE:OFG) Price Target Raised to $51.00

OFG Bancorp (NYSE:OFG) had its price target hoisted by Hovde Group from $44.00 to $51.00 in a research note published on Monday morning, Marketbeat reports. They currently have an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company decreased 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 report on Wednesday, April 10th.

OFG Bancorp Stock Performance

NYSE:OFG opened at $45.38 on Monday. The firm’s 50-day moving average is $38.08 and its 200-day moving average is $36.85. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.85 and a current ratio of 0.87. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 11.61 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $179.40 million for the quarter, compared to the consensus estimate of $176.09 million. During the same quarter in the previous year, the firm posted $0.93 EPS. The business’s revenue was up 5.2% compared to the same quarter last year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.25 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, insider Ganesh Kumar sold 6,695 shares of the business’s stock in a transaction dated 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 directly owns 76,578 shares in the company, valued at $2,904,603.54. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System raised its stake in shares of OFG Bancorp by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of OFG Bancorp by 1.6% in the second quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock worth $1,001,000 after acquiring an additional 412 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of OFG Bancorp in the second quarter worth about $90,000. Summit Global Investments raised its stake in shares of OFG Bancorp by 48.6% in the second quarter. Summit Global Investments now owns 30,187 shares of the bank’s stock worth $1,131,000 after acquiring an additional 9,875 shares during the last quarter. Finally, Diversified Trust Co raised its stake in shares of OFG Bancorp by 5.3% in the second quarter. Diversified Trust Co now owns 14,143 shares of the bank’s stock worth $530,000 after acquiring an additional 718 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

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.