OFG Bancorp (NYSE:OFG) Receives $47.17 Consensus Price Target from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $47.1667.

OFG has been the subject of a number of recent research reports. Wells Fargo & Company cut their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Tuesday. Zacks Research raised shares of OFG Bancorp to a “hold” rating in a report on Friday, October 10th. Truist Financial decreased their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer directly owned 184,675 shares in the company, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the transaction, the director directly owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. This represents a 47.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 55,000 shares of company stock valued at $2,247,747 over the last ninety days. Insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC boosted its position in shares of OFG Bancorp by 1.6% during the third quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock worth $821,000 after purchasing an additional 303 shares in the last quarter. SummerHaven Investment Management LLC raised its stake in OFG Bancorp by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 20,898 shares of the bank’s stock worth $894,000 after buying an additional 391 shares during the period. Wedge Capital Management L L P NC lifted its holdings in OFG Bancorp by 1.5% during the second quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock worth $1,130,000 after acquiring an additional 394 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in OFG Bancorp by 4.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after acquiring an additional 396 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in OFG Bancorp by 1.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Down 0.2%

Shares of OFG Bancorp stock opened at $40.05 on Friday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.63. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $41.31 and a two-hundred day moving average price of $42.44. The stock has a market capitalization of $1.76 billion, a P/E ratio of 9.10 and a beta of 0.84.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.16. The firm had revenue of $186.18 million during the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 EPS. Equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

OFG Bancorp Company Profile

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.