OFG Bancorp (NYSE:OFG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of OFG Bancorp (NYSE:OFG) from a hold rating to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. Truist Financial upped their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company upped their target price on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.00.

OFG Bancorp Stock Performance

OFG stock opened at $52.55 on Wednesday. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.30. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.70. The business’s fifty day simple moving average is $48.57 and its two-hundred day simple moving average is $44.18. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

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

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

Insider Transactions at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Carolina Wealth Advisors LLC purchased a new stake in shares of OFG Bancorp during the 2nd quarter worth $320,000. Empowered Funds LLC boosted its position in OFG Bancorp by 19.9% during the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after purchasing an additional 35,269 shares in the last quarter. Bank of America Corp DE grew its stake in OFG Bancorp by 28.4% in the first quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock valued at $5,361,000 after purchasing an additional 29,269 shares during the last quarter. Amundi grew its stake in OFG Bancorp by 140.7% in the first quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after purchasing an additional 9,357 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after purchasing an additional 1,736 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

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.