OFG Bancorp (NYSE:OFG) Receives Consensus Recommendation of “Hold” from Analysts

Shares of OFG Bancorp (NYSE:OFG) have received an average recommendation of “Hold” from the seven research firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $45.8333.

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

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer directly owned 184,675 shares in the company, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $42.17, for a total value of $231,935.00. Following the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 32,732 shares of company stock valued at $1,349,805. 2.16% of the stock is currently owned by corporate insiders.

Institutional Trading of OFG Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Penn Capital Management Company LLC increased its holdings in shares of OFG Bancorp by 1.6% during the 3rd quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock worth $821,000 after acquiring an additional 303 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in OFG Bancorp by 4.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after purchasing an additional 396 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in shares of OFG Bancorp by 1.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 500 shares during the period. California State Teachers Retirement System lifted its stake in shares of OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after buying an additional 506 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of OFG Bancorp by 5.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock worth $494,000 after buying an additional 547 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

OFG opened at $41.87 on Thursday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 9.14 and a beta of 0.75. The business’s 50-day moving average price is $41.05 and its two-hundred day moving average price is $41.80. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The company had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same period in the prior year, the firm earned $1.09 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is currently 26.20%.

OFG Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the bank to repurchase up to 12% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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.