OFG Bancorp (NYSE:OFG) Sets New 52-Week High – Here’s What Happened

OFG Bancorp (NYSE:OFG) reached a new 52-week high during trading on Monday . The company traded as high as $48.11 and last traded at $48.2650, with a volume of 277775 shares trading hands. The stock had previously closed at $48.06.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Truist Financial upped their price objective 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. Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” 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. Finally, Piper Sandler reissued a “neutral” rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, OFG Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

OFG Bancorp Stock Performance

The stock’s 50-day moving average is $44.93 and its 200-day moving average is $42.25. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 9.84 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. The firm had revenue of $185.80 million during the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. On average, analysts expect that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given 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%.

Institutional Trading of OFG Bancorp

Several large investors have recently bought and sold shares of the company. Empowered Funds LLC grew its position in OFG Bancorp by 19.9% in the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after acquiring an additional 35,269 shares in the last quarter. Bank of America Corp DE grew its position 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 valued at $5,361,000 after acquiring an additional 29,269 shares in the last quarter. Amundi grew its position in OFG Bancorp by 140.7% in the first quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after acquiring an additional 9,357 shares in the last quarter. Royal Bank of Canada grew its position in OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in OFG Bancorp by 49.6% in the first quarter. Quantinno Capital Management LP now owns 8,473 shares of the bank’s stock valued at $343,000 after acquiring an additional 2,808 shares in 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.