OFG Bancorp (NYSE:OFG) Reaches New 1-Year High – Should You Buy?

OFG Bancorp (NYSE:OFG) shares hit a new 52-week high during trading on Thursday . The company traded as high as $50.72 and last traded at $50.7940, with a volume of 15055 shares changing hands. The stock had previously closed at $49.99.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Zacks Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday. They set a “hold” rating on the stock. Truist Financial boosted their price target on OFG Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wells Fargo & Company upped their price objective on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $49.00.

OFG Bancorp Trading Down 2.0%

The company has a market cap of $2.12 billion, a P/E ratio of 10.36 and a beta of 0.70. The firm’s 50 day moving average is $47.20 and its two-hundred day moving average is $43.47. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, March 31st. The bank reported $1.26 EPS 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. As a group, equities research analysts anticipate that OFG Bancorp will post 4.79 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is 28.93%.

Institutional Trading of OFG Bancorp

Several institutional investors have recently added to or reduced their stakes in OFG. Dimensional Fund Advisors LP raised its holdings in OFG Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after purchasing an additional 27,774 shares during the last quarter. First Trust Advisors LP increased its position in shares of OFG Bancorp by 13.8% during the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock worth $93,945,000 after buying an additional 281,593 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of OFG Bancorp by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after buying an additional 13,121 shares during the period. Millennium Management LLC raised its stake in OFG Bancorp by 7.8% during the third quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after buying an additional 57,572 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in OFG Bancorp by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock worth $26,467,000 after buying an additional 28,114 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Company Profile

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.