OFG Bancorp (NYSE:OFG) Receives $47.20 Consensus Price Target from Analysts

OFG Bancorp (NYSE:OFG) has been given an average rating of “Moderate Buy” by the six ratings firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $47.20.

Several equities research analysts have issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Truist Financial raised their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Wells Fargo & Company increased their price target on OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd.

Institutional Trading of OFG Bancorp

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL boosted its holdings in OFG Bancorp by 23.7% in the third quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock valued at $7,867,000 after purchasing an additional 34,653 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of OFG Bancorp by 18.8% during the 3rd quarter. Rhumbline Advisers now owns 156,826 shares of the bank’s stock valued at $6,820,000 after buying an additional 24,786 shares during the last quarter. Thrivent Financial for Lutherans acquired a new stake in shares of OFG Bancorp during the third quarter worth approximately $4,272,000. Federated Hermes Inc. grew its position in shares of OFG Bancorp by 8.0% during the third quarter. Federated Hermes Inc. now owns 192,089 shares of the bank’s stock worth $8,354,000 after buying an additional 14,216 shares in the last quarter. Finally, Gator Capital Management LLC increased its stake in shares of OFG Bancorp by 15.2% in the third quarter. Gator Capital Management LLC now owns 233,170 shares of the bank’s stock worth $10,141,000 after buying an additional 30,740 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Price Performance

OFG stock opened at $45.06 on Friday. The stock has a 50-day moving average price of $42.78 and a two-hundred day moving average price of $41.50. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $46.85. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.90 billion, a PE ratio of 9.31 and a beta of 0.72.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. The company had revenue of $185.80 million for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. As a group, research analysts predict that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is 28.93%.

OFG Bancorp announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 28th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 12% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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.