OFG Bancorp (OFG) - What Are Investment Firms Saying About This Stock?

Key Points

• Analyst consensus is “Hold”: Five of seven analysts rate OFG Bancorp a hold and two rate it a buy, with an average 12-month price target of $56.50.
• Quarterly results exceeded expectations: OFG reported $1.39 in EPS versus the $1.17 consensus estimate and revenue of $190.28 million, above expectations of $182.64 million.
• Shareholders receive a dividend: The company declared a quarterly dividend of $0.35, equivalent to $1.40 annually and a 2.7% yield; insiders sold 66,352 shares worth approximately $3.49 million during the latest quarter.

OFG Bancorp (NYSE:OFG - Get Free Report) has received a consensus rating of "Hold" from the seven research firms that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $56.50.

A number of equities research analysts recently issued reports on the company. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating on the stock. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research report on Tuesday, October 6th. Finally, Zacks Research downgraded OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st.

OFG Bancorp Stock Performance

NYSE OFG opened at $50.93 on Tuesday. The firm has a 50-day moving average price of $52.14 and a two-hundred day moving average price of $48.47. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The company has a market capitalization of $2.15 billion, a P/E ratio of 10.03 and a beta of 0.73. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS 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 company had revenue of $190.28 million for the quarter, compared to analysts' expectations of $182.64 million. During the same period last year, the firm earned $1.15 earnings per share. Analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

Insider Activity at OFG Bancorp

In related news, Director Néstor de Jesús sold 4,000 shares of the company's 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 $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jose Fernandez sold 52,352 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,352 shares of company stock valued at $3,491,362 over the last quarter. 1.23% of the stock is owned by corporate insiders.

Institutional Trading of OFG Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP increased its stake in OFG Bancorp by 60.7% in the second quarter. Engineers Gate Manager LP now owns 42,084 shares of the bank's stock valued at $2,065,000 after acquiring an additional 15,902 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in OFG Bancorp during the second quarter valued at approximately $57,000. Squarepoint Ops LLC lifted its stake in OFG Bancorp by 12.9% during the second quarter. Squarepoint Ops LLC now owns 229,218 shares of the bank's stock worth $11,248,000 after purchasing an additional 26,278 shares during the last quarter. Allworth Financial LP lifted its stake in OFG Bancorp by 186.2% during the second quarter. Allworth Financial LP now owns 641 shares of the bank's stock worth $31,000 after purchasing an additional 417 shares during the last quarter. Finally, Nykredit A S bought a new stake in OFG Bancorp during the second quarter worth $43,000. Institutional investors 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 a range of banking and financial services to individuals, businesses and government entities.

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

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.

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