OFG Bancorp (NYSE:OFG) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of OFG Bancorp (NYSE:OFG) from a hold rating to a strong sell rating in a research note released on Tuesday morning,Zacks.com reports.

OFG has been the topic of a number of other research reports. Keefe, Bruyette & Woods decreased their price target on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, October 23rd. UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday, October 9th. Wells Fargo & Company dropped their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Truist Financial reduced their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Monday. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.17.

OFG Bancorp Stock Performance

OFG opened at $42.61 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The business has a 50 day moving average of $40.54 and a 200-day moving average of $42.34. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 9.68 and a beta of 0.79.

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

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 annualized dividend and a yield of 2.8%. OFG Bancorp’s payout ratio is currently 27.27%.

Insider Activity

In other news, Director Jorge Colon sold 25,000 shares of the stock in a transaction on 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the transaction, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 60,500 shares of company stock worth $2,479,682. 3.11% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

Several large investors have recently made changes to their positions in the company. Quarry LP bought a new position in OFG Bancorp in the third quarter valued at approximately $35,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of OFG Bancorp in the 3rd quarter valued at $53,000. EverSource Wealth Advisors LLC increased its stake in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp during the 2nd quarter worth $97,000. Finally, Quantbot Technologies LP bought a new stake in shares of OFG Bancorp during the 2nd quarter worth $162,000. 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.