OFG Bancorp (NYSE:OFG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of OFG Bancorp (NYSE:OFG) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $47.20.

Several research analysts have weighed in on OFG shares. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Piper Sandler reiterated a “neutral” rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Finally, Truist Financial lifted their target price on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd.

Institutional Trading of OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of OFG. Quarry LP acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $53,000. EverSource Wealth Advisors LLC raised its stake in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada raised its stake in shares of OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,736 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

OFG stock opened at $48.05 on Wednesday. The business’s 50-day moving average price is $44.68 and its two-hundred day moving average price is $42.15. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The firm has a market cap of $2.03 billion, a PE ratio of 9.93 and a beta of 0.70. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $48.11.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. The firm had revenue of $185.80 million for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. As a group, research analysts forecast 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. Shareholders of record on Tuesday, June 30th will be issued 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 2.9%. OFG Bancorp’s payout ratio is currently 28.93%.

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.