OFG Bancorp (NYSE:OFG) Hits New 1-Year High – Still a Buy?

OFG Bancorp (NYSE:OFG) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $53.27 and last traded at $53.25, with a volume of 92699 shares changing hands. The stock had previously closed at $52.38.

Analysts Set New Price Targets

Several research firms recently weighed in on OFG. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Finally, Truist Financial upped their target price 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. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.00.

OFG Bancorp Price Performance

The stock has a 50-day moving average price of $48.11 and a 200 day moving average price of $43.94. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 10.49 and a beta of 0.70.

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, beating analysts’ consensus estimates of $1.17 by $0.22. The firm had revenue of $190.32 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period in the prior year, the firm earned $1.15 EPS. As a group, equities research analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is presently 27.56%.

Institutional Trading of OFG Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of OFG. Tudor Investment Corp ET AL grew its position in OFG Bancorp by 23.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock worth $7,867,000 after purchasing an additional 34,653 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of OFG Bancorp by 109.0% in the fourth quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock valued at $6,067,000 after buying an additional 77,223 shares during the last quarter. Jacobs Asset Management LLC raised its holdings in shares of OFG Bancorp by 13.5% in the first quarter. Jacobs Asset Management LLC now owns 90,000 shares of the bank’s stock valued at $3,641,000 after buying an additional 10,670 shares during the last quarter. First Trust Advisors LP boosted its stake 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. Finally, CenterBook Partners LP boosted its stake in shares of OFG Bancorp by 83.2% during the fourth quarter. CenterBook Partners LP now owns 111,190 shares of the bank’s stock worth $4,557,000 after buying an additional 50,508 shares during the period. Hedge funds and other institutional investors 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.