OFG Bancorp (NYSE:OFG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of OFG Bancorp (NYSE:OFG) from a sell rating to a hold rating in a research report released on Saturday.

OFG has been the subject of several other research reports. Hovde Group cut their price target on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Piper Sandler cut their price target on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company cut OFG Bancorp from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.50.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $42.22 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.20. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The stock has a 50 day moving average of $40.48 and a two-hundred day moving average of $41.09. The stock has a market cap of $1.90 billion, a P/E ratio of 10.12 and a beta of 0.75.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. The firm had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $175.35 million. During the same quarter in the prior year, the firm posted $1.05 EPS. On average, research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 28.78%.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the transaction, the chief financial officer now owns 63,470 shares of the company’s stock, valued at $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC grew its holdings in OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after acquiring an additional 680 shares during the period. Meeder Asset Management Inc. acquired a new position in OFG Bancorp during the fourth quarter worth $44,000. Vestcor Inc acquired a new position in OFG Bancorp during the fourth quarter worth $107,000. Quarry LP grew its holdings in OFG Bancorp by 458.9% during the first quarter. Quarry LP now owns 2,666 shares of the bank’s stock worth $107,000 after acquiring an additional 2,189 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in OFG Bancorp during the fourth quarter worth $172,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.