OFG Bancorp (OFG) Receives $17.50 Average PT from Analysts
Shares of OFG Bancorp (NYSE:OFG) have earned an average recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $17.00.
Several equities research analysts have issued reports on OFG shares. TheStreet raised shares of OFG Bancorp from a “c+” rating to a “b” rating in a research note on Monday, July 23rd. Piper Jaffray Companies reaffirmed a “buy” rating on shares of OFG Bancorp in a research note on Monday, July 23rd. Zacks Investment Research cut shares of OFG Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, Sandler O’Neill reaffirmed a “buy” rating and set a $18.00 price target on shares of OFG Bancorp in a research note on Friday, July 20th.
Shares of OFG Bancorp stock traded up $0.05 during mid-day trading on Wednesday, hitting $16.20. 274,700 shares of the stock were exchanged, compared to its average volume of 308,743. OFG Bancorp has a twelve month low of $7.80 and a twelve month high of $17.75. The stock has a market capitalization of $712.53 million, a P/E ratio of 12.22 and a beta of 1.80. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.88 and a quick ratio of 0.88.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.48%. OFG Bancorp’s payout ratio is currently 18.05%.
In related news, Director Jesus Nestor De acquired 5,000 shares of the business’s stock in a transaction dated Thursday, June 28th. The shares were acquired at an average cost of $14.10 per share, for a total transaction of $70,500.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $211,500. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.39% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in shares of OFG Bancorp by 8.7% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 57,600 shares of the bank’s stock worth $809,000 after acquiring an additional 4,600 shares during the period. Legal & General Group Plc lifted its holdings in shares of OFG Bancorp by 7.2% during the 2nd quarter. Legal & General Group Plc now owns 86,702 shares of the bank’s stock worth $1,222,000 after acquiring an additional 5,798 shares during the period. Sei Investments Co. lifted its holdings in shares of OFG Bancorp by 223.1% during the 2nd quarter. Sei Investments Co. now owns 9,958 shares of the bank’s stock worth $140,000 after acquiring an additional 6,876 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of OFG Bancorp by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 336,846 shares of the bank’s stock worth $3,520,000 after acquiring an additional 7,990 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of OFG Bancorp by 7.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 146,125 shares of the bank’s stock worth $2,053,000 after acquiring an additional 9,700 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.
OFG Bancorp Company Profile
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; and financial planning, investment brokerage, corporate and individual trust, and retirement services.
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