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

OFG Bancorp (NYSE:OFG) has been given a consensus rating of “Hold” by the seven analysts that are currently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $45.8333.

OFG has been the topic of several analyst reports. Piper Sandler initiated coverage on OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price target on the stock. Truist Financial cut their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $40.56 on Friday. The stock has a market cap of $1.72 billion, a PE ratio of 8.85 and a beta of 0.74. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a fifty day moving average of $40.40 and a 200-day moving average of $41.15.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The business had revenue of $185.37 million for the quarter, compared to analysts’ expectations of $184.17 million. During the same quarter in the prior year, the firm posted $1.09 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Equities research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is 26.20%.

OFG Bancorp announced that its board has initiated a stock buyback plan on Wednesday, January 28th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to buy up to 12% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other OFG Bancorp news, Director Annette Franqui bought 1,540 shares of OFG Bancorp stock in a transaction that occurred on Friday, February 20th. The stock was acquired at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the transaction, the director directly owned 3,440 shares in the company, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OFG. First Trust Advisors LP increased its position in shares of OFG Bancorp by 8.8% in the fourth quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock worth $83,613,000 after purchasing an additional 164,818 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in OFG Bancorp by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after buying an additional 13,121 shares in the last quarter. American Century Companies Inc. grew its stake in OFG Bancorp by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after buying an additional 108,635 shares in the last quarter. LSV Asset Management increased its holdings in shares of OFG Bancorp by 4.4% in the 3rd quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after buying an additional 56,400 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of OFG Bancorp by 7.8% in the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after buying an additional 57,572 shares during the last quarter. Hedge funds and other institutional investors 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.