OFG Bancorp (NYSE:OFG) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• OFG Bancorp shares moved above their 200-day moving average, reaching $51.60 before closing near $51.07. Analysts remain cautious overall, with a consensus “Hold” rating and an average price target of $55.20.
• The bank reported better-than-expected quarterly results, posting $1.39 in EPS versus the $1.17 consensus estimate and revenue of $190.28 million, above expectations of $182.64 million.
• OFG declared a quarterly dividend of $0.35 per share, equivalent to a 2.7% annualized yield. Meanwhile, company insiders sold 66,352 shares worth approximately $3.49 million over the past three months, while institutional investors own 92.73% of the stock.

OFG Bancorp (NYSE:OFG - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $48.06 and traded as high as $51.60. OFG Bancorp shares last traded at $51.0710, with a volume of 262,981 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OFG. Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on OFG Bancorp in a research note on Wednesday, July 22nd. Zacks Research downgraded OFG Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, Wells Fargo & Company boosted their price objective on OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $55.20.

OFG Bancorp Trading Down 0.4%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 10.05 and a beta of 0.73. The firm's 50-day moving average is $52.35 and its 200 day moving average is $48.06.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to analysts' expectations of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the prior year, the company posted $1.15 EPS. On average, equities analysts predict that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp's payout ratio is currently 27.56%.

Insider Activity at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 10,000 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the transaction, the chief financial officer directly owned 56,684 shares of the company's stock, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the transaction, the chief executive officer directly 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. The SEC filing for this sale provides additional information. Insiders sold 66,352 shares of company stock worth $3,491,362 over the last three months. Company insiders own 1.23% of the company's stock.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently made changes to their positions in OFG. BlackRock Inc. bought a new stake in OFG Bancorp in the second quarter valued at approximately $302,289,000. Dimensional Fund Advisors LP raised its holdings in OFG Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank's stock worth $103,811,000 after purchasing an additional 27,774 shares during the last quarter. First Trust Advisors LP raised its holdings in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank's stock worth $93,945,000 after purchasing an additional 281,593 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in OFG Bancorp during the 2nd quarter worth approximately $24,993,000. Finally, Jupiter Topco LLC acquired a new position in shares of OFG Bancorp in the 2nd quarter worth approximately $21,094,000. 92.73% of the stock is currently owned by institutional investors.

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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