OFG Bancorp (NYSE:OFG) Sets New 52-Week High - Still a Buy?

Key Points

• OFG Bancorp shares hit a new 52-week high, reaching $50.72 intraday and closing near $50.79 on light volume. The move came as the stock continued to trade above both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but mostly cautious: the stock currently carries an average Hold rating and a $49.00 target price. Recent updates included rating affirmations, target increases from Wells Fargo and Piper Sandler, and a downgrade from Zacks Research.
• The company recently paid a quarterly dividend of $0.35, equal to an annualized yield of about 2.7%. OFG also reported solid last-quarter results, including $1.26 EPS, $185.8 million in revenue, and a 15.62% return on equity.

OFG Bancorp (NYSE:OFG - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $50.72 and last traded at $50.7940, with a volume of 15055 shares. The stock had previously closed at $49.99.

Analyst Ratings Changes

A number of brokerages have issued reports on OFG. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Wells Fargo & Company boosted their price objective on OFG Bancorp from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Benchmark began coverage on OFG Bancorp in a report on Tuesday. They issued a "hold" rating for the company. Piper Sandler reaffirmed a "neutral" rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Finally, Zacks Research cut shares of OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $49.00.

OFG Bancorp Price Performance

The company has a market cap of $2.16 billion, a P/E ratio of 10.58 and a beta of 0.70. The company has a fifty day simple moving average of $47.01 and a 200-day simple moving average of $43.36. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. The business had revenue of $185.80 million during the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. On average, sell-side analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.35 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio (DPR) is 28.93%.

Institutional Trading of OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of OFG Bancorp in the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC lifted its position in shares of OFG Bancorp by 250.0% in the 2nd 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 in the last quarter. Raymond James Financial Inc. acquired a new position in OFG Bancorp in the 2nd quarter worth approximately $97,000. Royal Bank of Canada boosted its stake in OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock worth $158,000 after purchasing an additional 1,736 shares during the period. Finally, Quantbot Technologies LP acquired a new position in OFG Bancorp in the 2nd quarter worth approximately $162,000. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Company Profile

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.

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