Analysts Set OFG Bancorp (NYSE:OFG) Target Price at $55.20

Shares of OFG Bancorp (NYSE:OFG) have been given an average rating of “Moderate Buy” by the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $55.20.

A number of equities analysts have weighed in on OFG shares. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating for the company. Truist Financial lifted their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their price target on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd.

OFG Bancorp Trading Up 0.8%

OFG opened at $52.52 on Monday. The firm’s 50 day moving average is $51.29 and its 200-day moving average is $45.97. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.22 billion, a P/E ratio of 10.34 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the prior year, the firm earned $1.15 earnings per share. Analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is 27.56%.

Insider Transactions at OFG Bancorp

In related news, Director Jesus Nestor De sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director directly owned 20,040 shares of the company’s stock, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently modified their holdings of OFG. Allworth Financial LP bought a new position in shares of OFG Bancorp during the second quarter worth about $31,000. Quarry LP bought a new stake in OFG Bancorp in the third quarter valued at about $35,000. Nykredit A S bought a new stake in OFG Bancorp in the second quarter valued at about $43,000. EverSource Wealth Advisors LLC raised its stake in OFG Bancorp by 250.0% during the second 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. Finally, Raymond James Financial Inc. acquired a new stake in OFG Bancorp during the second quarter valued at approximately $97,000. Institutional investors and hedge funds 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.