OFG Bancorp (NYSE:OFG) Stock Has Average Price Target of $56.50 According to Brokerages

OFG Bancorp (NYSE:OFG) has been assigned an average rating of “Hold” from the seven research firms that are covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $56.00.

OFG has been the subject of several recent analyst reports. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings downgraded OFG Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, November 4th. Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Wells Fargo & Company dropped their price target on OFG Bancorp from $55.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd.

Insider Buying and Selling

In other OFG Bancorp 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 transaction, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This trade represents a 15.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds have recently modified their holdings of the company. Intech Investment Management LLC raised its stake in shares of OFG Bancorp by 186.0% during the 3rd quarter. Intech Investment Management LLC now owns 38,217 shares of the bank’s stock valued at $1,914,000 after purchasing an additional 24,856 shares during the period. Maryland State Retirement & Pension System increased its position in shares of OFG Bancorp by 53.6% in the third quarter. Maryland State Retirement & Pension System now owns 9,438 shares of the bank’s stock worth $473,000 after purchasing an additional 3,292 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of OFG Bancorp in the third quarter worth approximately $2,113,000. Unison Advisors LLC raised its stake in OFG Bancorp by 0.7% in the third quarter. Unison Advisors LLC now owns 31,239 shares of the bank’s stock valued at $1,575,000 after purchasing an additional 217 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in OFG Bancorp by 7.1% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 30,287 shares of the bank’s stock valued at $1,517,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Up 0.0%

Shares of OFG opened at $51.18 on Friday. The stock’s 50-day moving average price is $51.54 and its two-hundred day moving average price is $47.14. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47. The company has a market capitalization of $2.14 billion, a PE ratio of 9.75 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.10. OFG Bancorp had a return on equity of 16.38% and a net margin of 24.64%. The company had revenue of $185.75 million during the quarter, compared to analysts’ expectations of $187.11 million. On average, analysts anticipate that OFG Bancorp will post 5.32 EPS for the current year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a dividend of $0.40 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is presently 30.48%.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, it provides banking services to individuals, businesses and government entities, including deposit accounts, consumer and commercial loans, mortgage lending, auto financing and cash management. The company also offers investment and wealth-management services through Oriental Financial Services, as well as insurance products. Its operations primarily serve customers in Puerto Rico and the U.S. Virgin Islands.