Brokerages Set OFG Bancorp (NYSE:OFG) PT at $47.20

Shares of OFG Bancorp (NYSE:OFG) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $47.20.

A number of equities analysts have issued reports on OFG shares. Truist Financial boosted their price objective on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Piper Sandler restated a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd.

Insider Activity

In related news, Director Annette Franqui bought 1,540 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the purchase, the director owned 3,440 shares of the company’s stock, valued at approximately $144,686.40. This trade represents a 81.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently modified their holdings of OFG. Royal Bank of Canada boosted its stake 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 valued at $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of OFG Bancorp by 2.1% during 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 purchasing an additional 552 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $162,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of OFG Bancorp by 63.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after purchasing an additional 31,816 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of 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 purchasing an additional 1,095 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Up 2.2%

Shares of NYSE:OFG opened at $45.52 on Friday. The stock’s 50-day moving average price is $42.54 and its 200-day moving average price is $41.43. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $46.85. The stock has a market capitalization of $1.92 billion, a P/E ratio of 9.41 and a beta of 0.72. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million for the quarter. On average, equities analysts anticipate that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp declared that its board has initiated a share repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 12% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.35 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.1%. OFG Bancorp’s payout ratio is presently 28.93%.

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.