OFG Bancorp (NYSE:OFG) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of OFG Bancorp (NYSE:OFG) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks reports.

Other research analysts have also issued research reports about the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Truist Financial boosted their price objective on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on OFG Bancorp in a research note on Wednesday, July 22nd. Wells Fargo & Company upped their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.20.

OFG Bancorp Trading Down 1.0%

NYSE:OFG opened at $51.73 on Monday. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 10.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $54.47. The business has a fifty day moving average of $52.41 and a 200-day moving average of $47.31.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.22. The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same quarter in the prior year, the company posted $1.15 earnings per share. Equities analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

Insider Activity

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of the company’s stock in a transaction dated 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 owned 152,657 shares in the company, valued at $8,006,859.65. This represents a 25.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP bought a new stake in OFG Bancorp in the second quarter worth approximately $31,000. Nykredit A S acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at $43,000. Integrated Wealth Concepts LLC bought a new stake in OFG Bancorp in the second quarter worth $57,000. Royal Bank of Canada increased its position in OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after buying an additional 1,736 shares during the last quarter. Finally, Equitable Holdings Inc. bought a new position in OFG Bancorp during the second quarter valued at about $201,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.