OFG Bancorp (NYSE:OFG) has been assigned a consensus recommendation of “Buy” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have covered the stock in the last year is $17.75.
OFG has been the topic of a number of analyst reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $19.00 price target on shares of OFG Bancorp in a research report on Thursday, August 16th. Zacks Investment Research cut OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 22nd.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in OFG Bancorp by 3.1% in the third quarter. Vanguard Group Inc. now owns 4,641,703 shares of the bank’s stock valued at $74,963,000 after acquiring an additional 141,056 shares during the period. Morgan Stanley grew its position in OFG Bancorp by 146.4% in the third quarter. Morgan Stanley now owns 381,452 shares of the bank’s stock valued at $6,160,000 after acquiring an additional 226,636 shares during the period. Legal & General Group Plc grew its position in OFG Bancorp by 8.3% in the third quarter. Legal & General Group Plc now owns 93,856 shares of the bank’s stock valued at $1,516,000 after acquiring an additional 7,154 shares during the period. Nordea Investment Management AB bought a new stake in OFG Bancorp in the third quarter valued at $559,000. Finally, TIAA CREF Investment Management LLC grew its position in OFG Bancorp by 3.3% in the third quarter. TIAA CREF Investment Management LLC now owns 315,823 shares of the bank’s stock valued at $5,101,000 after acquiring an additional 10,108 shares during the period. Hedge funds and other institutional investors own 87.19% of the company’s stock.
Shares of NYSE OFG traded down $0.13 during trading hours on Monday, reaching $17.19. The stock had a trading volume of 219,718 shares, compared to its average volume of 335,822. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $888.41 million, a price-to-earnings ratio of 12.92 and a beta of 1.61. OFG Bancorp has a twelve month low of $8.50 and a twelve month high of $18.65.
OFG Bancorp (NYSE:OFG) last issued its earnings results on Friday, October 19th. The bank reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. OFG Bancorp had a return on equity of 10.28% and a net margin of 18.22%. The business had revenue of $100.90 million during the quarter, compared to analyst estimates of $94.80 million. On average, research analysts anticipate that OFG Bancorp will post 1.48 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.63%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.06. The ex-dividend date is Friday, December 28th. OFG Bancorp’s dividend payout ratio is 18.05%.
About OFG Bancorp
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; and financial planning, investment brokerage, corporate and individual trust, and retirement services.
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