OFG Bancorp (NYSE:OFG) Upgraded at Zacks Research

Zacks Research upgraded shares of OFG Bancorp (NYSE:OFG) from a strong sell rating to a hold rating in a research report released on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Truist Financial reduced their price target on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Piper Sandler initiated coverage on shares of OFG Bancorp in a research note on Thursday. They set a “neutral” rating and a $45.00 price target on the stock. Wells Fargo & Company dropped their price objective on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Finally, Keefe, Bruyette & Woods lowered their target price on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, October 23rd. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

OFG Bancorp Stock Performance

OFG opened at $41.55 on Wednesday. The stock’s 50 day simple moving average is $41.03 and its 200-day simple moving average is $42.32. 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 market cap of $1.83 billion, a PE ratio of 9.44 and a beta of 0.77. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting analysts’ consensus estimates of $1.16. The firm had revenue of $186.18 million during the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 earnings per share. Sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 27.27%.

Insiders Place Their Bets

In other news, Director Jesus Nestor De sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $42.31, for a total transaction of $84,620.00. Following the sale, the director owned 22,690 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the transaction, the director owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This represents a 47.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 62,500 shares of company stock worth $2,564,302. 3.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in shares of OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after acquiring an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the period. Strs Ohio acquired a new position in OFG Bancorp during the first quarter worth approximately $328,000. Voya Investment Management LLC raised its stake in OFG Bancorp by 40.2% in the first quarter. Voya Investment Management LLC now owns 56,240 shares of the bank’s stock valued at $2,251,000 after buying an additional 16,134 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in OFG Bancorp by 1.5% in the second quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock valued at $1,130,000 after buying an additional 394 shares during the period. 92.73% of the stock is owned by institutional investors.

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.