OFG Bancorp (NYSE:OFG) Price Target Raised to $50.00 at Keefe, Bruyette & Woods

OFG Bancorp (NYSE:OFG - Free Report) had its price objective boosted by Keefe, Bruyette & Woods from $48.00 to $50.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the bank's stock.

A number of other research firms have also issued reports on OFG. Wells Fargo & Company increased their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen lowered OFG Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Hovde Group cut their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Piper Sandler cut their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Price Performance

Shares of OFG traded down $0.39 during trading hours on Friday, hitting $44.55. 163,880 shares of the stock were exchanged, compared to its average volume of 311,358. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.87. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 10.60 and a beta of 0.75. The stock's 50-day moving average price is $42.57 and its two-hundred day moving average price is $41.24.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The company had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same period in the prior year, the business earned $1.08 EPS. The firm's quarterly revenue was up 1.6% on a year-over-year basis. Research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.69%. OFG Bancorp's dividend payout ratio (DPR) is 28.30%.

Insider Buying and Selling at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the business's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer directly owned 63,470 shares of the company's stock, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in OFG. Meeder Asset Management Inc. acquired a new position in shares of OFG Bancorp in the fourth quarter worth about $44,000. Quarry LP lifted its stake in shares of OFG Bancorp by 458.9% in the first quarter. Quarry LP now owns 2,666 shares of the bank's stock worth $107,000 after acquiring an additional 2,189 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of OFG Bancorp in the fourth quarter worth about $172,000. Vident Advisory LLC acquired a new position in shares of OFG Bancorp in the first quarter worth about $210,000. Finally, Bridgefront Capital LLC acquired a new position in shares of OFG Bancorp in the fourth quarter worth about $221,000. Hedge funds and other institutional investors own 92.73% of the company's stock.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.