OFG Bancorp (NYSE:OFG) Receives Average Recommendation of “Moderate Buy” from Brokerages

OFG Bancorp (NYSE:OFG) has received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $47.20.

Several equities research analysts recently weighed in on OFG shares. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Wells Fargo & Company upped their price target on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Truist Financial upped their price target on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd.

Insider Activity at OFG Bancorp

In related news, Director Annette Franqui bought 1,540 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were purchased at an average cost of $42.06 per share, with a total value of $64,772.40. Following the completion of the purchase, the director owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after acquiring an additional 27,774 shares during the last quarter. First Trust Advisors LP grew its stake in shares of OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock worth $93,945,000 after acquiring an additional 281,593 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of OFG Bancorp by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after acquiring an additional 13,121 shares during the last quarter. American Century Companies Inc. grew its stake in shares of OFG Bancorp by 8.1% in the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after acquiring an additional 108,635 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of OFG Bancorp by 4.4% in the third quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after acquiring an additional 56,400 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Trading Down 1.1%

NYSE OFG opened at $43.89 on Friday. The firm has a market capitalization of $1.85 billion, a PE ratio of 9.07 and a beta of 0.72. The stock’s 50 day moving average is $42.21 and its 200 day moving average is $41.28. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $46.85. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. The company had revenue of $185.80 million for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. Research analysts forecast that OFG Bancorp will post 4.75 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is presently 28.93%.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 12% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.