OFG Bancorp (NYSE:OFG) Given Consensus Recommendation of “Hold” by Brokerages

OFG Bancorp (NYSE:OFG) has been given a consensus recommendation of “Hold” by the seven ratings firms that are currently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $54.00.

Several research firms recently commented on OFG. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Benchmark began coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. Truist Financial upped their price objective on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s 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 of the company’s stock, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL raised its stake in OFG Bancorp by 23.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock worth $7,867,000 after acquiring an additional 34,653 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after acquiring an additional 27,774 shares in the last quarter. Intech Investment Management LLC boosted its stake in OFG Bancorp by 109.0% in the fourth quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock valued at $6,067,000 after acquiring an additional 77,223 shares in the last quarter. Jacobs Asset Management LLC boosted its stake in OFG Bancorp by 13.5% in the first quarter. Jacobs Asset Management LLC now owns 90,000 shares of the bank’s stock valued at $3,641,000 after acquiring an additional 10,670 shares in the last quarter. Finally, Vest Financial LLC grew its holdings in shares of OFG Bancorp by 16.5% during the fourth quarter. Vest Financial LLC now owns 141,076 shares of the bank’s stock worth $5,781,000 after purchasing an additional 20,020 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Trading Down 1.4%

Shares of NYSE:OFG opened at $52.28 on Thursday. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $53.30. The company’s 50 day moving average is $48.42 and its two-hundred day moving average is $44.10. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. The business had revenue of $190.32 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 period last year, the business earned $1.15 EPS. Equities analysts predict that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is currently 27.56%.

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.