OFG Bancorp (NYSE:OFG) Stock Has Average Target Price of $56.50

OFG Bancorp (NYSE:OFG) has been given a consensus rating of “Hold” by the seven analysts that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $56.50.

OFG has been the topic of several analyst reports. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a report on Tuesday, October 6th. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating on the stock. Truist Financial lifted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st.

OFG Bancorp Trading Up 2.1%

NYSE:OFG opened at $51.97 on Tuesday. The company has a market cap of $2.20 billion, a P/E ratio of 10.23 and a beta of 0.73. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The business has a 50 day moving average price of $52.02 and a two-hundred day moving average price of $48.70. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. The company had revenue of $190.28 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 last year, the company earned $1.15 earnings per share. As a group, analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Néstor de Jesús sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 over the last ninety days. 1.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new position in OFG Bancorp during the second quarter worth approximately $31,000. Nykredit A S acquired a new stake in shares of OFG Bancorp in the second quarter valued at approximately $43,000. Integrated Wealth Concepts LLC bought a new position in shares of OFG Bancorp during the 2nd quarter worth approximately $57,000. Royal Bank of Canada boosted its stake in shares of OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after acquiring an additional 1,736 shares during the period. Finally, Equitable Holdings Inc. bought a new position in shares of OFG Bancorp during the 2nd quarter worth approximately $201,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

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

Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.