OFG Bancorp (NYSE:OFG) Stock Price Up 5.2%
OFG Bancorp (NYSE:OFG) was up 5.2% during trading on Monday . The company traded as high as $21.81 and last traded at $21.59, approximately 467,042 shares traded hands during trading. An increase of 48% from the average daily volume of 316,419 shares. The stock had previously closed at $20.52.
Several equities research analysts have recently commented on OFG shares. ValuEngine lowered shares of OFG Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Piper Jaffray Companies set a $28.00 price objective on shares of OFG Bancorp and gave the company a “buy” rating in a report on Friday, June 28th. Zacks Investment Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Monday, July 1st.
The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.11 billion, a P/E ratio of 14.92 and a beta of 1.60. The company has a 50-day moving average price of $21.13 and a 200 day moving average price of $20.69.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, September 27th. OFG Bancorp’s payout ratio is 18.42%.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of OFG Bancorp by 3.9% during the second quarter. BlackRock Inc. now owns 6,773,436 shares of the bank’s stock valued at $161,006,000 after acquiring an additional 256,736 shares in the last quarter. Vanguard Group Inc. boosted its stake in OFG Bancorp by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 5,813,242 shares of the bank’s stock worth $138,180,000 after purchasing an additional 114,348 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in OFG Bancorp by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,739,745 shares of the bank’s stock worth $61,556,000 after purchasing an additional 26,096 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in OFG Bancorp during the 2nd quarter worth approximately $35,844,000. Finally, Northern Trust Corp grew its position in OFG Bancorp by 2.1% during the 2nd quarter. Northern Trust Corp now owns 908,467 shares of the bank’s stock worth $21,594,000 after purchasing an additional 18,719 shares during the last quarter. Institutional investors and hedge funds own 93.35% of the company’s stock.
About OFG Bancorp (NYSE:OFG)
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; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.
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