OFG Bancorp (NYSE:OFG) Reaches New 52-Week High – Should You Buy?

OFG Bancorp (NYSE:OFG) shares hit a new 52-week high during trading on Monday . The stock traded as high as $53.41 and last traded at $53.1150, with a volume of 20803 shares traded. The stock had previously closed at $52.49.

Analyst Upgrades and Downgrades

Several research firms recently commented on OFG. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Truist Financial raised their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, OFG Bancorp has an average rating of “Moderate Buy” and a consensus price target of $54.00.

OFG Bancorp Stock Up 0.7%

The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 10.46 and a beta of 0.70. The business has a 50 day simple moving average of $48.72 and a 200-day simple moving average of $44.26. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate 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 $190.32 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the previous year, the firm earned $1.15 EPS. On average, equities analysts expect that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The company 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. This represents a $1.40 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other 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 value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This represents a 25.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OFG. Royal Bank of Canada grew its holdings in shares of OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after purchasing an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after buying an additional 552 shares during the period. Quantbot Technologies LP acquired a new position in OFG Bancorp in the second quarter valued at about $162,000. Arrowstreet Capital Limited Partnership lifted its position in OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after buying an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares during the period. 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.