OFG Bancorp (NYSE:OFG – Get Free Report) has been assigned an average rating of “Hold” from the seven analysts that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $56.50.
OFG has been the topic of a number of research reports. Truist Financial increased their price target on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Benchmark began coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company boosted 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.
Check Out Our Latest Stock Report on OFG
OFG Bancorp Price Performance
Shares of OFG opened at $52.69 on Tuesday. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $54.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 10.37 and a beta of 0.73. The stock has a 50 day moving average of $52.03 and a 200-day moving average of $48.73.
OFG Bancorp (NYSE:OFG – Get Free Report) last issued 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 company had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the prior year, the company earned $1.15 earnings per share. As a group, analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.
OFG Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.
Insider Activity at OFG Bancorp
In related news, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jose Fernandez sold 52,352 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 66,352 shares of company stock worth $3,491,362 in the last ninety days. 1.23% of the stock is owned by insiders.
Hedge Funds Weigh In On OFG Bancorp
Institutional investors and hedge funds have recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $1,388,000. Bank of America Corp DE acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $6,129,000. Public Employees Retirement System of Ohio acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $1,439,000. Legal & General Group Plc bought a new stake in OFG Bancorp during the second quarter worth approximately $4,651,000. Finally, Deutsche Bank AG bought a new stake in OFG Bancorp during the second quarter worth approximately $20,652,000. Institutional investors own 92.73% of the company’s stock.
About OFG Bancorp
OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides a range of banking and financial services to individuals, businesses and government entities.
Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.
OFG Bancorp primarily serves customers in Puerto Rico and the U.S.
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