OFG Bancorp (NYSE:OFG) Price Target Raised to $57.00

OFG Bancorp (NYSE:OFG) had its price target raised by Keefe, Bruyette & Woods from $52.00 to $57.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Several other research firms also recently weighed in on OFG. Truist Financial raised their price target on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Piper Sandler set a $56.00 price target on OFG Bancorp in a research note on Wednesday. Finally, Benchmark began coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $54.00.

OFG Bancorp Trading Down 0.3%

Shares of OFG opened at $52.27 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $47.96 and a 200-day simple moving average of $43.85. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $53.20. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 10.29 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The firm had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the previous year, the firm posted $1.15 EPS. Equities analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is presently 28.93%.

Institutional Trading of OFG Bancorp

A number of institutional investors have recently modified their holdings of the company. Unison Advisors LLC raised its holdings in shares of OFG Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after purchasing an additional 221 shares during the period. Trexquant Investment LP boosted its holdings in shares of OFG Bancorp by 0.4% in the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after buying an additional 446 shares during the period. Polymer Capital Management US LLC boosted its holdings in shares of OFG Bancorp by 5.6% in the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after buying an additional 466 shares during the period. California State Teachers Retirement System grew its position in shares of OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after buying an additional 506 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after buying an additional 552 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.