OFG Bancorp (NYSE:OFG) Receives Consensus Rating of “Moderate Buy” from Analysts

OFG Bancorp (NYSE:OFG) has received a consensus rating of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $55.20.

OFG has been the topic of several analyst reports. Piper Sandler set a $56.00 target price on OFG Bancorp in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th.

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 66,352 shares of company stock worth $3,491,362. Corporate insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OFG. Allworth Financial LP acquired a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $31,000. Quarry LP acquired a new position in OFG Bancorp during the third quarter worth $35,000. Nykredit A S purchased a new stake in OFG Bancorp during the second quarter worth $43,000. EverSource Wealth Advisors LLC grew its holdings in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in OFG Bancorp in the second quarter valued at $97,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $52.23 on Monday. The company has a market capitalization of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47. The stock has a 50-day simple moving average of $50.76 and a 200-day simple moving average of $45.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The business had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. During the same period in the previous year, the company posted $1.15 EPS. Equities research analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.35 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.7%. OFG Bancorp’s dividend payout ratio is presently 27.56%.

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.