Analysts Set OFG Bancorp (NYSE:OFG) Target Price at $45.83

Shares of OFG Bancorp (NYSE:OFG) have earned an average recommendation of “Hold” from the seven research firms that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $45.8333.

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Wells Fargo & Company decreased their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Truist Financial dropped their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Finally, Piper Sandler initiated coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price for the company.

Insider Activity at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jorge Colon sold 25,000 shares of the firm’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 in the company, valued at approximately $1,125,131.55. This trade represents a 47.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,500 shares of company stock worth $2,564,302 in the last ninety days. 3.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in OFG Bancorp during the third quarter worth $35,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of OFG Bancorp during the 3rd quarter worth $53,000. EverSource Wealth Advisors LLC increased its position in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp during the 2nd quarter worth approximately $97,000. Finally, Quantbot Technologies LP purchased a new stake in shares of OFG Bancorp in the 2nd quarter valued at $162,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Trading Down 0.3%

OFG Bancorp stock opened at $40.99 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.87. The stock has a market cap of $1.80 billion, a PE ratio of 8.95 and a beta of 0.75. The stock has a 50-day moving average of $41.01 and a two-hundred day moving average of $41.82. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. The business had revenue of $185.37 million for the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 28th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 12% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio is currently 26.20%.

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.