OFG Bancorp (OFG) Raised to Buy at ValuEngine
ValuEngine upgraded shares of OFG Bancorp (NYSE:OFG) from a hold rating to a buy rating in a research note released on Monday morning.
OFG has been the topic of several other reports. Piper Jaffray Companies reissued a hold rating and issued a $12.50 price objective on shares of OFG Bancorp in a research report on Friday, July 21st. BidaskClub lowered shares of OFG Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, July 19th.
OFG Bancorp (OFG) traded up 2.87% during mid-day trading on Monday, reaching $8.95. 139,164 shares of the company’s stock traded hands. The firm has a 50 day moving average of $9.07 and a 200 day moving average of $10.08. OFG Bancorp has a 1-year low of $8.40 and a 1-year high of $14.48. The firm has a market cap of $393.33 million, a PE ratio of 8.11 and a beta of 1.52.
OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. The company had revenue of $100.45 million for the quarter, compared to analyst estimates of $90.95 million. OFG Bancorp had a net margin of 14.58% and a return on equity of 8.36%. During the same period in the prior year, the firm earned $0.25 earnings per share. Analysts forecast that OFG Bancorp will post $1.12 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Thursday, September 28th. OFG Bancorp’s dividend payout ratio is 22.02%.
Institutional investors have recently made changes to their positions in the business. Virtu KCG Holdings LLC acquired a new stake in OFG Bancorp during the second quarter worth about $117,000. Mason Street Advisors LLC grew its stake in OFG Bancorp by 7.0% during the first quarter. Mason Street Advisors LLC now owns 10,269 shares of the bank’s stock worth $121,000 after buying an additional 673 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in OFG Bancorp during the second quarter worth about $127,000. BNP Paribas Arbitrage SA grew its stake in OFG Bancorp by 53.8% during the second quarter. BNP Paribas Arbitrage SA now owns 13,649 shares of the bank’s stock worth $136,000 after buying an additional 4,775 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its stake in OFG Bancorp by 7.2% during the second quarter. Neuberger Berman Group LLC now owns 14,436 shares of the bank’s stock worth $144,000 after buying an additional 966 shares in the last quarter. Hedge funds and other institutional investors own 99.44% of the company’s stock.
OFG Bancorp Company Profile
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.
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