OFG Bancorp (NYSE:OFG) Receives $55.20 Consensus Target Price from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $55.20.

A number of research firms have commented on OFG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Wells Fargo & Company increased their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Truist Financial raised their price target on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Finally, Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th.

OFG Bancorp Price Performance

OFG opened at $52.52 on Monday. The company’s 50-day simple moving average is $51.29 and its two-hundred day simple moving average is $46.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $2.22 billion, a P/E ratio of 10.34 and a beta of 0.69. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47.

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

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is currently 27.56%.

Insider Activity

In other news, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jesus Nestor De sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the transaction, the director owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 66,352 shares of company stock valued at $3,491,362 in the last quarter. 1.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of OFG Bancorp in the 2nd quarter worth $1,388,000. California State Teachers Retirement System increased its position in OFG Bancorp by 6,811.5% in the second quarter. California State Teachers Retirement System now owns 2,504,876 shares of the bank’s stock worth $122,914,000 after buying an additional 2,468,634 shares in the last quarter. denkapparat Operations GmbH raised its stake in shares of OFG Bancorp by 167.8% in the second quarter. denkapparat Operations GmbH now owns 15,010 shares of the bank’s stock worth $737,000 after buying an additional 9,406 shares during the period. Nykredit A S bought a new position in shares of OFG Bancorp in the second quarter worth about $43,000. Finally, Empowered Funds LLC purchased a new position in shares of OFG Bancorp during the 2nd quarter valued at about $10,600,000. 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.