OFG Bancorp (NYSE:OFG) Stock Crosses Above 200-Day Moving Average – Should You Sell?

Shares of OFG Bancorp (NYSE:OFG) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $41.01 and traded as high as $41.37. OFG Bancorp shares last traded at $41.3230, with a volume of 239,607 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial decreased their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Piper Sandler started coverage on OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.83.

OFG Bancorp Stock Down 0.1%

The stock has a market capitalization of $1.76 billion, a P/E ratio of 9.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. The company’s 50-day moving average price is $40.42 and its 200 day moving average price is $41.00.

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

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.4%. OFG Bancorp’s dividend payout ratio (DPR) is presently 30.57%.

OFG Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, January 28th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 12% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at OFG Bancorp

In related news, Director Annette Franqui acquired 1,540 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average cost of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director directly owned 3,440 shares of the company’s stock, valued at $144,686.40. This trade represents a 81.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OFG. Quarry LP acquired a new stake in shares of OFG Bancorp during the third quarter worth $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of OFG Bancorp in the 3rd quarter valued at $53,000. EverSource Wealth Advisors LLC raised its stake in OFG Bancorp by 250.0% in the 2nd 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 last quarter. Raymond James Financial Inc. acquired a new stake in OFG Bancorp during the 2nd quarter worth about $97,000. Finally, Quantbot Technologies LP acquired a new stake in OFG Bancorp during the 2nd quarter worth about $162,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.