OFG Bancorp (NYSE:OFG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $47.6667.

OFG has been the topic of several recent analyst reports. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday. Piper Sandler initiated coverage on shares of OFG Bancorp in a report on Thursday. They set a “neutral” rating and a $45.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Keefe, Bruyette & Woods lowered their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Finally, Truist Financial dropped their price objective on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 25,232 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the transaction, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This represents a 12.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. This trade represents a 47.58% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 62,500 shares of company stock valued at $2,564,302. 3.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Penn Capital Management Company LLC lifted its position in OFG Bancorp by 1.6% during the 3rd quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock worth $821,000 after buying an additional 303 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of OFG Bancorp by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 20,898 shares of the bank’s stock valued at $894,000 after acquiring an additional 391 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of OFG Bancorp by 1.5% in the second quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock valued at $1,130,000 after acquiring an additional 394 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in OFG Bancorp by 4.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after acquiring an additional 396 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in OFG Bancorp by 1.5% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Price Performance

OFG opened at $41.55 on Friday. The stock has a market cap of $1.83 billion, a P/E ratio of 9.44 and a beta of 0.77. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The company has a fifty day simple moving average of $41.03 and a 200 day simple moving average of $42.31.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, hitting the consensus estimate of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. During the same period in the previous year, the company posted $1.00 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.