OFG Bancorp (NYSE:OFG) Given Average Recommendation of “Moderate Buy” by Analysts

OFG Bancorp (NYSE:OFG) has received an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $55.20.

OFG has been the topic of a number of analyst reports. Benchmark initiated coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Truist Financial boosted their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price target 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.

OFG Bancorp Stock Performance

OFG opened at $52.27 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.21 billion, a PE ratio of 10.29 and a beta of 0.68. The business has a fifty day simple moving average of $52.27 and a 200-day simple moving average of $47.06. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47.

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

OFG Bancorp Dividend Announcement

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

Insider Activity

In other news, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at approximately $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jose Fernandez sold 52,352 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,352 shares of company stock worth $3,491,362 over the last quarter. Corporate insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently bought and sold shares of the business. Allworth Financial LP acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at about $31,000. Nykredit A S acquired a new stake in shares of OFG Bancorp during the second quarter worth approximately $43,000. Integrated Wealth Concepts LLC acquired a new stake in shares of OFG Bancorp during the second quarter worth approximately $57,000. Royal Bank of Canada grew its position in 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 purchasing an additional 1,736 shares in the last quarter. Finally, Equitable Holdings Inc. purchased a new position in OFG Bancorp during the second quarter valued at approximately $201,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.