OFG Bancorp (NYSE:OFG) Sets New 52-Week High - Here's Why

Key Points

• OFG Bancorp reached a new 52-week high of $53.82, with shares recently trading near $53.55. Analysts maintain a “Moderate Buy” consensus and an average price target of $55.20.
• The bank reported quarterly EPS of $1.39, beating expectations of $1.17, while revenue of $190.28 million also exceeded analyst estimates. Net margin was 24.08% and return on equity was 15.92%.
• OFG Bancorp declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 2.6% yield. CEO Jose Rafael Fernandez also sold 52,352 shares, reducing his position by 25.54%.

OFG Bancorp (NYSE:OFG - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $53.82 and last traded at $53.5450, with a volume of 25169 shares changing hands. The stock had previously closed at $53.54.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OFG shares. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Truist Financial lifted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd. Finally, Zacks Research raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $55.20.

OFG Bancorp Stock Down 0.4%

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 10.51 and a beta of 0.69. The stock has a fifty day moving average price of $50.07 and a two-hundred day moving average price of $45.03.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.22. The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same quarter in the prior year, the business posted $1.15 EPS. As a group, sell-side analysts expect that OFG Bancorp will post 5.05 EPS 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 given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.6%. OFG Bancorp's dividend payout ratio is currently 27.56%.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were 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 approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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. Allworth Financial LP acquired a new stake in OFG Bancorp in the second quarter valued at approximately $31,000. Quarry LP bought a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its holdings in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of OFG Bancorp in the 2nd quarter valued at $97,000. Finally, Royal Bank of Canada grew its holdings in OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock worth $158,000 after acquiring an additional 1,736 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source