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

OFG Bancorp (NYSE:OFG) has been given an average rating of “Moderate Buy” by the seven ratings firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $47.1667.

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods lowered their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Truist Financial dropped their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. UBS Group set a $50.00 price target on OFG Bancorp in a research report on Thursday, October 9th. Finally, Zacks Research cut OFG Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 16th.

OFG Bancorp Stock Down 0.5%

Shares of NYSE:OFG opened at $40.94 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The business has a fifty day moving average of $40.95 and a two-hundred day moving average of $42.34. The stock has a market cap of $1.80 billion, a P/E ratio of 9.30 and a beta of 0.77.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting 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 net margin of 22.26% and a return on equity of 15.18%. OFG Bancorp’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. On average, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. OFG Bancorp’s dividend payout ratio is 27.27%.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jesus Nestor De sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director owned 22,690 shares of the company’s stock, valued at approximately $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction that occurred 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 sale, the director directly owned 27,543 shares in the company, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 over the last ninety days. Company insiders own 2.16% of the company’s stock.

Institutional Trading of OFG Bancorp

Several hedge funds have recently modified their holdings of OFG. First Trust Advisors LP grew its stake in 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 purchasing an additional 113,868 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of OFG Bancorp by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after buying an additional 108,635 shares during the period. LSV Asset Management boosted its stake in shares of OFG Bancorp by 4.4% in the 3rd quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock valued at $58,713,000 after buying an additional 56,400 shares during the period. Geode Capital Management LLC grew its position in shares of 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 buying an additional 6,241 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of OFG Bancorp by 7.8% during the third quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after buying an additional 57,572 shares during the period. 92.73% of the stock is currently 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.