OFG Bancorp (NYSE:OFG) Reaches New 52-Week High – Should You Buy?

Shares of OFG Bancorp (NYSE:OFG) hit a new 52-week high during trading on Monday . The stock traded as high as $53.41 and last traded at $53.1150, with a volume of 20803 shares. The stock had previously closed at $52.49.

Analyst Ratings Changes

OFG has been the subject of several research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Piper Sandler set a $56.00 price target on OFG Bancorp in a research report on Wednesday, July 22nd. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating for the company. Finally, Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, OFG Bancorp has an average rating of “Moderate Buy” and an average price target of $54.00.

OFG Bancorp Stock Up 0.7%

The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 10.46 and a beta of 0.70. The business’s fifty day moving average is $48.72 and its two-hundred day moving average is $44.26.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.32 million for the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the prior year, the firm earned $1.15 EPS. Equities analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently bought and sold shares of OFG. Unison Advisors LLC boosted its stake in shares of OFG Bancorp by 0.7% in the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after buying an additional 221 shares during the period. Trexquant Investment LP lifted its stake in OFG Bancorp by 0.4% in the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock worth $4,218,000 after acquiring an additional 446 shares during the last quarter. Polymer Capital Management US LLC grew its holdings in OFG Bancorp by 5.6% during the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after acquiring an additional 466 shares in the last quarter. California State Teachers Retirement System grew its holdings in OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after acquiring an additional 506 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.