Brokerages Set OFG Bancorp (NYSE:OFG) Target Price at $47.20

OFG Bancorp (NYSE:OFG) has been given an average rating of “Moderate Buy” by the six research firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $47.20.

A number of research analysts have recently issued reports on OFG shares. Piper Sandler reissued a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Truist Financial boosted their price objective on 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 OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company upped their price target on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OFG. Royal Bank of Canada raised its stake in OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after buying an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after buying an additional 552 shares during the period. Quantbot Technologies LP acquired a new position in OFG Bancorp during the 2nd quarter worth approximately $162,000. Arrowstreet Capital Limited Partnership raised its stake in OFG Bancorp by 63.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after buying an additional 31,816 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Up 1.4%

Shares of NYSE:OFG opened at $48.05 on Wednesday. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 9.93 and a beta of 0.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86. The business’s 50-day moving average is $44.68 and its 200-day moving average is $42.13. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $48.11.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share (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%. Equities research analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is 28.93%.

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.