OFG Bancorp (NYSE:OFG) Stock Price Passes Above 200-Day Moving Average - What's Next?

Key Points

• OFG Bancorp shares moved above their 200-day moving average, reaching $53.78 and last trading near $53.65 versus the $45.03 long-term average.
• Analysts remain generally positive, with MarketBeat reporting a “Moderate Buy” consensus and an average price target of $55.20. The company also exceeded quarterly expectations, posting $1.39 EPS and $190.28 million in revenue.
• OFG Bancorp declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 2.6% yield; institutional investors own 92.73% of the stock, while the CEO recently sold 52,352 shares.

OFG Bancorp (NYSE:OFG - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $45.03 and traded as high as $53.78. OFG Bancorp shares last traded at $53.6460, with a volume of 231,067 shares trading hands.

Analyst Upgrades and Downgrades

OFG has been the subject of several analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating for the company. Finally, Zacks Research upgraded shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, OFG Bancorp currently has an average rating of "Moderate Buy" and an average target price of $55.20.

OFG Bancorp Price Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50-day simple moving average of $50.07 and a 200-day simple moving average of $45.03. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 10.56 and a beta of 0.69.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued 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. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the prior year, the business posted $1.15 EPS. As a group, research analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. OFG Bancorp's dividend payout ratio (DPR) is 27.56%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the business's stock in a transaction 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 directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.23% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OFG. Allworth Financial LP purchased a new stake in shares of OFG Bancorp in the 2nd quarter worth about $31,000. Quarry LP purchased a new position in OFG Bancorp during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its holdings in OFG Bancorp by 250.0% during 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 during the second quarter worth about $97,000. Finally, Royal Bank of Canada raised its position in OFG Bancorp by 80.2% during the first 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 last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

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.

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