OFG Bancorp (NYSE:OFG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

OFG Bancorp (NYSE:OFG) has been assigned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $54.00.

OFG has been the subject of a number of recent analyst reports. Benchmark started coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $53.13 on Thursday. The firm has a market capitalization of $2.25 billion, a PE ratio of 10.46 and a beta of 0.69. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $53.52. The firm’s 50 day simple moving average is $48.88 and its 200 day simple moving average is $44.35. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The business had revenue of $190.32 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period in the prior year, the company earned $1.15 EPS. As a group, analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Buying and Selling at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.23% of the stock is owned by insiders.

Institutional Trading of OFG Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in OFG. Dimensional Fund Advisors LP grew 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 period. First Trust Advisors LP raised its position 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. boosted its stake in shares of OFG Bancorp by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after acquiring an additional 13,121 shares during the last quarter. Millennium Management LLC raised its stake in OFG Bancorp by 7.8% in the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after purchasing an additional 57,572 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in OFG Bancorp by 31.6% during the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after acquiring an additional 133,046 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.