OFG Bancorp (NYSE:OFG) Stock Now Rated "Hold" by Wall Street Analysts

Key Points

• Analysts give OFG Bancorp a “Hold” consensus: Five of seven covering firms rate the stock Hold, while two recommend Buy; the average one-year price target is $56.50.
• The bank reported quarterly earnings of $1.33 per share, beating the $1.23 consensus, though revenue of $185.75 million came in below expectations.
• OFG raised its quarterly dividend from $0.35 to $0.40 per share, equivalent to $1.60 annually and a 3.2% yield at the share price cited.

Shares of OFG Bancorp (NYSE:OFG - Get Free Report) have been assigned an average recommendation of "Hold" from the seven ratings firms that are presently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $56.50.

A number of research firms have recently weighed in on OFG. Benchmark assumed coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a "hold" rating on the stock. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a report on Monday, August 10th. Zacks Research lowered OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd.

OFG Bancorp Trading Up 0.2%

Shares of OFG Bancorp stock opened at $50.78 on Friday. The business's fifty day moving average is $51.60 and its two-hundred day moving average is $46.97. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47. The firm has a market cap of $2.15 billion, a PE ratio of 9.67 and a beta of 0.74. The company has a quick ratio of 0.88, a current ratio of 0.86 and a debt-to-equity ratio of 0.30.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $1.33 EPS for the quarter, topping the consensus estimate of $1.23 by $0.10. The business had revenue of $185.75 million during the quarter, compared to analysts' expectations of $187.11 million. OFG Bancorp had a net margin of 24.64% and a return on equity of 16.38%. Analysts anticipate that OFG Bancorp will post 5.32 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. This is a boost from OFG Bancorp's previous quarterly dividend of $0.35. OFG Bancorp's payout ratio is presently 26.67%.

Insider Buying and Selling

In other news, CFO Maritza Arizmendi sold 10,000 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at approximately $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Néstor de Jesús sold 4,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.23% of the company's stock.

Institutional Trading of OFG Bancorp

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in OFG Bancorp during the 2nd quarter valued at approximately $302,289,000. Dimensional Fund Advisors LP raised its holdings in OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank's stock valued at $103,811,000 after acquiring an additional 27,774 shares in the last quarter. First Trust Advisors LP increased its stake in OFG Bancorp by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank's stock worth $93,945,000 after purchasing an additional 281,593 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of OFG Bancorp during the 2nd quarter worth about $24,993,000. Finally, Jupiter Topco LLC acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at $21,094,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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 institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank's Puerto Rico operations in 2019.

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