Shares of OFG Bancorp (NYSE:OFG – Get Free Report) have been assigned a consensus rating of “Hold” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $56.50.
A number of research analysts recently issued reports on the company. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings raised OFG Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 22nd. Truist Financial lifted 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. Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Finally, 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 research report on Monday, August 10th.
View Our Latest Research Report on OFG Bancorp
OFG Bancorp Price Performance
Shares of NYSE OFG opened at $50.78 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.86 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $51.60 and a 200 day simple moving average of $46.97. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The company has a market capitalization of $2.15 billion, a PE ratio of 9.67 and a beta of 0.74.
OFG Bancorp (NYSE:OFG – Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.10. The company had revenue of $185.75 million during the quarter, compared to analyst estimates of $187.11 million. OFG Bancorp had a return on equity of 16.38% and a net margin of 24.64%. On average, sell-side analysts forecast that OFG Bancorp will post 5.32 EPS for the current year.
OFG Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a $0.40 dividend. The ex-dividend date is Thursday, December 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. OFG Bancorp’s dividend payout ratio is 26.67%.
Insider Activity at OFG Bancorp
In related news, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were 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 approximately $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Néstor de Jesús sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.23% of the stock is owned by company 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 position in shares of OFG Bancorp in the 2nd quarter worth approximately $1,388,000. Bank of America Corp DE purchased a new stake in OFG Bancorp during the second quarter valued at about $6,129,000. Public Employees Retirement System of Ohio purchased a new position in shares of OFG Bancorp in the second quarter valued at about $1,439,000. Legal & General Group Plc purchased a new position in shares of OFG Bancorp in the 2nd quarter worth $4,651,000. Finally, Deutsche Bank AG purchased a new position in shares of OFG Bancorp in the 2nd quarter worth $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 banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.
Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.
Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.
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