OFG Bancorp (NYSE:OFG) Sets New 52-Week High – Here’s What Happened

OFG Bancorp (NYSE:OFG)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $48.57 and last traded at $48.17, with a volume of 14043 shares trading hands. The stock had previously closed at $48.03.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Piper Sandler restated a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company boosted their price objective on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial upped their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.20.

OFG Bancorp Trading Up 1.5%

The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The company’s 50-day moving average price is $45.63 and its 200-day moving average price is $42.61. The firm has a market capitalization of $2.08 billion, a PE ratio of 10.18 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million for the quarter. On average, sell-side analysts expect that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 2.8%. OFG Bancorp’s payout ratio is presently 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL boosted its holdings in shares of OFG Bancorp by 23.7% in the third quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock valued at $7,867,000 after acquiring an additional 34,653 shares during the period. Gator Capital Management LLC increased its holdings in shares of OFG Bancorp by 15.2% in the 3rd quarter. Gator Capital Management LLC now owns 233,170 shares of the bank’s stock valued at $10,141,000 after acquiring an additional 30,740 shares during the period. Algert Global LLC raised its position in OFG Bancorp by 31.0% in the 3rd quarter. Algert Global LLC now owns 300,292 shares of the bank’s stock valued at $13,060,000 after purchasing an additional 71,112 shares during the last quarter. Quantbot Technologies LP raised its position in OFG Bancorp by 358.4% in the 3rd quarter. Quantbot Technologies LP now owns 17,332 shares of the bank’s stock valued at $754,000 after purchasing an additional 13,551 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in OFG Bancorp by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after purchasing an additional 28,114 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

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.