OFG Bancorp (NYSE:OFG) Stock Passes Above 200 Day Moving Average – Here’s Why

Shares of OFG Bancorp (NYSE:OFG) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $42.44 and traded as high as $47.34. OFG Bancorp shares last traded at $47.2030, with a volume of 603,116 shares trading hands.

Wall Street Analyst Weigh In

OFG has been the subject of several analyst reports. Truist Financial raised their price objective on OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company boosted their target price on OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, Piper Sandler restated a “neutral” rating and issued a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.20.

OFG Bancorp Stock Up 1.0%

The firm has a market cap of $2.05 billion, a PE ratio of 10.03 and a beta of 0.70. The company has a 50-day simple moving average of $45.39 and a 200-day simple moving average of $42.49. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million for the quarter. Analysts expect that OFG Bancorp will post 4.75 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is 28.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Unison Advisors LLC increased its position 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 acquiring an additional 221 shares during the period. Penn Capital Management Company LLC boosted its position in OFG Bancorp by 1.6% during the third quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock worth $821,000 after purchasing an additional 303 shares in the last quarter. Trexquant Investment LP lifted its position in shares of OFG Bancorp by 0.4% during the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after buying an additional 446 shares in the last quarter. Polymer Capital Management US LLC lifted its holdings in OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after purchasing an additional 466 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in OFG Bancorp by 1.2% in the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after buying an additional 506 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.