OFG Bancorp (NYSE:OFG) Receives $45.83 Consensus Price Target from Brokerages

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

A number of analysts have recently commented on OFG shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler began coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective on the stock. Truist Financial lowered their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Finally, Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th.

OFG Bancorp Stock Down 0.0%

Shares of OFG Bancorp stock opened at $40.12 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11. The business has a fifty day simple moving average of $40.37 and a 200 day simple moving average of $41.08. The stock has a market cap of $1.70 billion, a PE ratio of 8.76 and a beta of 0.74.

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

OFG Bancorp Increases Dividend

The firm also recently disclosed 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 represents a $1.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio (DPR) is 26.20%.

OFG Bancorp declared that its board has authorized a stock 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 purchase up to 12% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Annette Franqui bought 1,540 shares of the firm’s stock in a transaction 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 completion of the purchase, the director owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its holdings in OFG Bancorp by 8.8% during the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock worth $83,613,000 after buying an additional 164,818 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of OFG Bancorp by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after acquiring an additional 13,121 shares in the last quarter. American Century Companies Inc. increased its position in shares of OFG Bancorp by 8.1% during the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after acquiring an additional 108,635 shares in the last quarter. LSV Asset Management raised its holdings in shares of OFG Bancorp by 4.4% during the third quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after acquiring an additional 56,400 shares during the period. Finally, Millennium Management LLC raised its holdings 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 acquiring 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.