OFG Bancorp (NYSE:OFG) Earns Buy Rating from Analysts at Truist Financial

Truist Financial began coverage on shares of OFG Bancorp (NYSE:OFG) in a research report report published on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $50.00 price target on the bank’s stock.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, July 18th. UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday. Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Wednesday. Finally, Wells Fargo & Company increased their price objective on OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.33.

OFG Bancorp Trading Down 3.9%

Shares of NYSE:OFG opened at $41.36 on Thursday. The business’s 50-day moving average is $43.58 and its 200 day moving average is $41.88. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. The firm has a market capitalization of $1.84 billion, a P/E ratio of 9.75 and a beta of 0.80. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same period in the prior year, the company posted $1.08 EPS. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 28.30%.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new stake in OFG Bancorp during the second quarter worth about $97,000. Quarry LP grew its holdings in OFG Bancorp by 458.9% during the first quarter. Quarry LP now owns 2,666 shares of the bank’s stock worth $107,000 after acquiring an additional 2,189 shares during the period. Quantbot Technologies LP acquired a new stake in OFG Bancorp during the second quarter worth about $162,000. Finally, Smith Shellnut Wilson LLC ADV acquired a new stake in OFG Bancorp during the second quarter worth about $209,000. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.