OFG Bancorp (NYSE:OFG) Hits New 52-Week High – Still a Buy?

Shares of OFG Bancorp (NYSE:OFG) hit a new 52-week high during trading on Monday . The stock traded as high as $53.41 and last traded at $53.1150, with a volume of 20803 shares. The stock had previously closed at $52.49.

Wall Street Analyst Weigh In

OFG has been the topic of several analyst reports. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Truist Financial raised their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

OFG Bancorp Stock Up 0.7%

The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The business has a 50-day simple moving average of $49.04 and a two-hundred day simple moving average of $44.44. The stock has a market capitalization of $2.26 billion, a P/E ratio of 10.52 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data 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. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.32 million during the quarter, compared to analysts’ expectations of $182.64 million. During the same period last year, the business earned $1.15 earnings per share. 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 declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Global Investments bought a new stake in OFG Bancorp during the 2nd quarter worth approximately $1,407,000. Carolina Wealth Advisors LLC bought a new position in OFG Bancorp in the 2nd quarter valued at $320,000. Empowered Funds LLC boosted its stake in OFG Bancorp by 19.9% in the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock worth $8,592,000 after purchasing an additional 35,269 shares in the last quarter. Bank of America Corp DE boosted its stake in OFG Bancorp by 28.4% in the first quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock worth $5,361,000 after purchasing an additional 29,269 shares in the last quarter. Finally, Amundi boosted its stake in OFG Bancorp by 140.7% in the first quarter. Amundi now owns 16,005 shares of the bank’s stock worth $648,000 after purchasing an additional 9,357 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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.