OFG Bancorp (NYSE:OFG) Reaches New 12-Month High – Here’s What Happened

OFG Bancorp (NYSE:OFG) reached a new 52-week high on Tuesday . The company traded as high as $47.46 and last traded at $47.60, with a volume of 8982 shares changing hands. The stock had previously closed at $46.27.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OFG shares. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Truist Financial lifted their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler reiterated a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.20.

OFG Bancorp Price Performance

The stock has a fifty day moving average of $44.13 and a 200-day moving average of $41.93. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.98 billion, a P/E ratio of 9.68 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The business had revenue of $185.80 million during the quarter. Equities analysts predict that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, June 30th. OFG Bancorp’s payout ratio is 28.93%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OFG. Royal Bank of Canada raised its position in OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after purchasing an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the last quarter. Quantbot Technologies LP bought a new position in OFG Bancorp in the 2nd quarter worth approximately $162,000. Arrowstreet Capital Limited Partnership raised its position in OFG Bancorp by 63.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after purchasing an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

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.