OFG Bancorp (NYSE:OFG) Stock Price Passes Above 200-Day Moving Average – What’s Next?

OFG Bancorp (NYSE:OFG)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $45.03 and traded as high as $53.78. OFG Bancorp shares last traded at $53.6460, with a volume of 231,067 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on OFG shares. Truist Financial upped their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Finally, Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Price Performance

The company’s 50 day simple moving average is $50.07 and its 200 day simple moving average is $45.03. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.27 billion, a PE ratio of 10.56 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the company posted $1.15 EPS. On average, equities analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OFG. BlackRock Inc. purchased a new position in shares of OFG Bancorp during the 2nd quarter worth about $302,289,000. Dimensional Fund Advisors LP grew its holdings in OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after purchasing an additional 27,774 shares during the period. First Trust Advisors LP grew its holdings in OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after purchasing an additional 281,593 shares during the period. Charles Schwab Investment Management Inc. increased its position in 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 purchasing an additional 13,121 shares during the last quarter. Finally, Millennium Management LLC increased its position 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 purchasing an additional 57,572 shares during 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.