OFG Bancorp (NYSE:OFG) Shares Pass Above 200-Day Moving Average – Here’s What Happened

OFG Bancorp (NYSE:OFG) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.93 and traded as high as $46.69. OFG Bancorp shares last traded at $46.35, with a volume of 208,997 shares changing hands.

Analyst Ratings Changes

OFG has been the subject of a number of recent analyst reports. Piper Sandler restated a “neutral” rating and set a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Wells Fargo & Company upped their target price on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, Truist Financial upped their target price on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.20.

OFG Bancorp Stock Down 0.0%

The firm has a market capitalization of $1.97 billion, a PE ratio of 9.65 and a beta of 0.70. The company has a fifty day simple moving average of $44.40 and a two-hundred day simple moving average of $42.03. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The business had revenue of $185.80 million during the quarter. Analysts forecast that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is 28.93%.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of OFG Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after purchasing an additional 27,774 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock worth $93,945,000 after purchasing an additional 281,593 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after purchasing an additional 13,121 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of OFG Bancorp by 8.1% during the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after purchasing an additional 108,635 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of OFG Bancorp by 4.4% during the 3rd quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after purchasing an additional 56,400 shares during the last quarter. 92.73% of the stock is currently 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.