OFG Bancorp (NYSE:OFG) Receives Average Recommendation of “Hold” from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have earned an average recommendation of “Hold” from the six research firms that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $48.00.

Several research firms recently weighed in on OFG. Piper Sandler restated a “neutral” rating and issued a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Truist Financial lifted their price objective on OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Zacks Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday.

OFG Bancorp Trading Up 1.9%

NYSE:OFG opened at $49.75 on Friday. The firm has a market capitalization of $2.10 billion, a P/E ratio of 10.28 and a beta of 0.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86. OFG Bancorp has a one year low of $35.71 and a one year high of $50.66. The company’s 50-day simple moving average is $46.67 and its 200 day simple moving average is $43.14.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The business had revenue of $185.80 million during the quarter. As a group, analysts forecast that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp’s payout ratio is presently 28.93%.

Institutional Trading of OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new position in OFG Bancorp in the third quarter worth about $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Royal Bank of Canada increased its position in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $162,000. 92.73% of the stock is currently owned by institutional investors.

About OFG Bancorp

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.