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

OFG Bancorp (NYSE:OFG) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $48.06 and traded as high as $51.60. OFG Bancorp shares last traded at $51.0710, with a volume of 262,981 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on OFG shares. Truist Financial boosted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Benchmark assumed coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating on the stock. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company upped their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, OFG Bancorp currently has a consensus rating of “Hold” and an average target price of $55.20.

OFG Bancorp Stock Performance

The stock has a market cap of $2.13 billion, a PE ratio of 9.91 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50 day moving average price of $52.30 and a two-hundred day moving average price of $48.15.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The company had revenue of $190.28 million for the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the previous year, the firm earned $1.15 earnings per share. As a group, equities research analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

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 paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is 27.56%.

Insider Activity

In other news, Director Néstor de Jesús sold 4,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares in the company, valued at $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 66,352 shares of company stock valued at $3,491,362. Insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently made changes to their positions in the business. Allworth Financial LP purchased a new stake in OFG Bancorp in the second quarter worth $31,000. Nykredit A S purchased a new position in OFG Bancorp during the 2nd quarter valued at $43,000. Integrated Wealth Concepts LLC bought a new position in OFG Bancorp in the 2nd quarter worth $57,000. Royal Bank of Canada raised its holdings in OFG Bancorp by 80.2% in the 1st 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. Finally, Equitable Holdings Inc. purchased a new stake in shares of OFG Bancorp in the 2nd quarter worth about $201,000. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides a range of banking and financial services to individuals, businesses and government entities.

Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.