OFG Bancorp (NYSE:OFG) Shares Pass Above 200-Day Moving Average – Time to Sell?

OFG Bancorp (NYSE:OFG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $41.01 and traded as high as $41.37. OFG Bancorp shares last traded at $41.3230, with a volume of 239,607 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Piper Sandler began coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price on the stock. Finally, Truist Financial decreased their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, OFG Bancorp has a consensus rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Price Performance

The company has a 50-day moving average of $40.42 and a 200-day moving average of $41.01. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 9.02 and a beta of 0.67.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The company had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same period last year, the firm earned $1.09 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio is 30.57%.

OFG Bancorp declared that its board has authorized a share repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of the business’s stock in a transaction on Friday, February 20th. The stock was bought at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the transaction, the director owned 3,440 shares in the company, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. boosted its holdings in OFG Bancorp by 3.1% in the 4th quarter. Invesco Ltd. now owns 243,356 shares of the bank’s stock valued at $9,973,000 after purchasing an additional 7,337 shares in the last quarter. XTX Topco Ltd raised its stake in shares of OFG Bancorp by 274.4% during the 4th quarter. XTX Topco Ltd now owns 20,787 shares of the bank’s stock worth $852,000 after buying an additional 15,235 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in shares of OFG Bancorp by 15.4% in the 4th quarter. Voloridge Investment Management LLC now owns 149,259 shares of the bank’s stock valued at $6,117,000 after buying an additional 19,865 shares during the period. Polymer Capital Management US LLC lifted 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. Finally, Numerai GP LLC purchased a new stake in shares of OFG Bancorp in the fourth quarter valued at approximately $362,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.