OFG Bancorp (NYSE:OFG) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst consensus is “Moderate Buy”: Seven brokerages assign OFG Bancorp an average 12-month price target of $55.20, versus the stock’s reported price of $52.27.
• Quarterly results exceeded expectations: OFG reported earnings of $1.39 per share and revenue of $190.28 million, surpassing analyst estimates of $1.17 per share and $182.64 million, respectively.
• Shareholders will receive a dividend: The company declared a quarterly dividend of $0.35, equivalent to $1.40 annually and a 2.7% yield; insiders have sold 66,352 shares worth about $3.49 million over the past 90 days.

Shares of OFG Bancorp (NYSE:OFG - Get Free Report) have received an average rating of "Moderate Buy" from the seven ratings firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $55.20.

A number of brokerages have recently weighed in on OFG. Piper Sandler set a $56.00 price target on OFG Bancorp in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Wells Fargo & Company increased their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th.

OFG Bancorp Trading Down 0.4%

NYSE OFG opened at $52.27 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47. The company has a 50-day simple moving average of $52.27 and a 200-day simple moving average of $47.06. The firm has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.68.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the business earned $1.15 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is 27.56%.

Insider Buying and Selling at OFG Bancorp

In other news, Director Néstor de Jesús sold 4,000 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the sale, the director owned 20,040 shares of the company's stock, valued at approximately $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer directly owned 56,684 shares of the company's stock, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 66,352 shares of company stock valued at $3,491,362 in the last ninety days. Company insiders own 1.23% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OFG. BlackRock Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $302,289,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $24,993,000. Jupiter Topco LLC acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $21,094,000. Deutsche Bank AG bought a new stake in OFG Bancorp during the second quarter worth approximately $20,652,000. Finally, Bank of New York Mellon Corp bought a new stake in OFG Bancorp during the second quarter worth approximately $18,687,000. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.

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