OFG Bancorp (NYSE:OFG) Hits New 1-Year High – What’s Next?

OFG Bancorp (NYSE:OFG) shares reached a new 52-week high on Wednesday . The stock traded as high as $50.27 and last traded at $49.8370, with a volume of 25660 shares traded. The stock had previously closed at $49.07.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OFG. Truist Financial boosted their price objective on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. 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 report on Wednesday, April 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.20.

OFG Bancorp Trading Up 3.0%

The stock’s 50-day simple moving average is $46.04 and its two-hundred day simple moving average is $42.78. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $2.14 billion, a P/E ratio of 10.43 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The firm had revenue of $185.80 million for the quarter. Equities research analysts expect that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.8%. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in OFG Bancorp during the 3rd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Royal Bank of Canada raised its position in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after buying an additional 1,736 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of OFG Bancorp in the second quarter worth $162,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

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.