OFG Bancorp (NYSE:OFG) Receives $47.17 Average Target Price from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus rating of “Moderate Buy” by the seven research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $47.1667.

Several research analysts have weighed in on the stock. Truist Financial dropped their price objective on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, October 23rd. UBS Group set a $50.00 price target on shares of OFG Bancorp in a report on Thursday, October 9th. Keefe, Bruyette & Woods cut their price objective on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Zacks Research downgraded OFG Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Monday.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 25,232 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer directly owned 184,675 shares in the company, valued at $7,562,441.25. The trade was a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorge Colon sold 25,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the transaction, the director owned 27,543 shares in the company, valued at approximately $1,125,131.55. This trade represents a 47.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 60,500 shares of company stock worth $2,479,682 over the last ninety days. 3.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its stake in shares of OFG Bancorp by 6.5% during the 3rd quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock worth $81,566,000 after acquiring an additional 113,868 shares in the last quarter. American Century Companies Inc. lifted its holdings in OFG Bancorp by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after purchasing an additional 108,635 shares during the last quarter. LSV Asset Management lifted its holdings in OFG Bancorp by 4.4% in the 3rd quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after purchasing an additional 56,400 shares during the last quarter. Geode Capital Management LLC boosted its position in OFG Bancorp by 0.6% during the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock worth $47,548,000 after purchasing an additional 6,241 shares during the period. Finally, Millennium Management LLC grew its holdings in OFG Bancorp by 7.8% during the third quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after purchasing an additional 57,572 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Down 1.6%

Shares of OFG Bancorp stock opened at $42.26 on Wednesday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a market cap of $1.86 billion, a P/E ratio of 9.60 and a beta of 0.79. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $40.56 and a 200 day moving average price of $42.35.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.16. The company had revenue of $186.18 million for the quarter, compared to the consensus estimate of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. As a group, analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.30 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp’s dividend payout ratio is currently 27.27%.

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.