OFG Bancorp (NYSE:OFG) Receives Consensus Rating of “Hold” from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus rating of “Hold” by the seven ratings firms that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $45.8333.

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

OFG Bancorp Price Performance

NYSE:OFG opened at $40.09 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $41.13 and its 200 day moving average price is $41.72. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The firm has a market cap of $1.73 billion, a P/E ratio of 8.75 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.11. The firm had revenue of $185.37 million for the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. As a group, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp declared that its board has authorized a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 12% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business 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 $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.5%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio (DPR) is currently 26.20%.

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 transaction of $231,935.00. Following the completion of the sale, the insider owned 351 shares of the company’s stock, valued at $14,801.67. This trade represents a 94.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Annette Franqui purchased 1,540 shares of the stock in a transaction dated Friday, February 20th. The shares were bought at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the acquisition, 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 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OFG. Quarry LP bought a new stake in shares of OFG Bancorp in the third quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in OFG Bancorp in the 3rd quarter valued at approximately $53,000. EverSource Wealth Advisors LLC lifted its position in shares of 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 acquiring an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $97,000. Finally, Quantbot Technologies LP bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $162,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

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.