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

Shares of OFG Bancorp (NYSE:OFG) have received an average rating of “Hold” from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $45.8333.

OFG has been the topic of a number of research reports. Piper Sandler started coverage on OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Truist Financial reduced their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Finally, Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th.

Insider Transactions at OFG Bancorp

In related news, Director Annette Franqui acquired 1,540 shares of OFG Bancorp stock in a transaction dated Friday, February 20th. The shares were purchased at an average cost of $42.06 per share, with a total value of $64,772.40. Following the completion of the purchase, the director owned 3,440 shares of the company’s stock, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.23% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its position in OFG Bancorp by 8.8% during the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock worth $83,613,000 after acquiring an additional 164,818 shares during the last quarter. Qube Research & Technologies Ltd lifted its position in OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares during the last quarter. American Century Companies Inc. lifted its position in OFG Bancorp by 8.1% in the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after purchasing an additional 108,635 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of OFG Bancorp during the fourth quarter valued at approximately $4,224,000. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of OFG Bancorp during the third quarter valued at approximately $4,272,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 0.4%

OFG opened at $40.56 on Friday. The stock has a market cap of $1.72 billion, a PE ratio of 8.85 and a beta of 0.74. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11. The business’s fifty day simple moving average is $40.40 and its 200 day simple moving average is $41.15.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The business had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. During the same quarter last year, the business posted $1.09 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has authorized a stock repurchase program on Wednesday, January 28th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the bank to repurchase up to 12% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.35 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s payout ratio is presently 26.20%.

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.