OFG Bancorp (NYSE:OFG) Receives $45.83 Consensus Target Price from Brokerages

OFG Bancorp (NYSE:OFG) has been given an average recommendation of “Hold” by the seven research firms that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $45.8333.

Several equities analysts recently issued reports on OFG shares. Piper Sandler assumed coverage on OFG Bancorp in a research report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Truist Financial reduced their price objective on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd.

OFG Bancorp Stock Performance

OFG opened at $39.25 on Monday. The company has a market cap of $1.67 billion, a P/E ratio of 8.57 and a beta of 0.74. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The firm’s 50-day moving average price is $40.94 and its 200-day moving average price is $41.64. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11.

OFG Bancorp (NYSE:OFG) last released its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.11. The company had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. OFG Bancorp’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 EPS. As a group, equities analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp announced that its board has authorized a share buyback program on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 12% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.6%. OFG Bancorp’s dividend payout ratio (DPR) is currently 26.20%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, Director Annette Franqui bought 1,540 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was bought at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the transaction, the director directly owned 3,440 shares of the company’s stock, valued at approximately $144,686.40. This trade represents a 81.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds have recently bought and sold shares of OFG. First Trust Advisors LP increased its holdings in shares of OFG Bancorp by 8.8% during the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock valued at $83,613,000 after purchasing an additional 164,818 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in OFG Bancorp by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after buying an additional 13,121 shares in the last quarter. American Century Companies Inc. boosted its holdings in OFG Bancorp by 8.1% during the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after buying an additional 108,635 shares in the last quarter. LSV Asset Management grew its position in OFG Bancorp by 4.4% during the third quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock valued at $58,713,000 after buying an additional 56,400 shares during the period. Finally, Geode Capital Management LLC increased its holdings in OFG Bancorp by 0.6% in the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock valued at $47,548,000 after buying an additional 6,241 shares in the last quarter. Hedge funds and other institutional investors 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.