OFG Bancorp (NYSE:OFG) Receives $47.20 Average PT from Brokerages

Shares of OFG Bancorp (NYSE:OFG) have earned a consensus recommendation of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong 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 $47.20.

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

OFG Bancorp Trading Up 0.0%

NYSE OFG opened at $47.64 on Wednesday. The business has a 50 day simple moving average of $44.93 and a 200 day simple moving average of $42.25. OFG Bancorp has a one year low of $35.71 and a one year high of $48.57. The stock has a market capitalization of $2.01 billion, a P/E ratio of 9.84 and a beta of 0.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, March 31st. The bank reported $1.26 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. Research analysts expect that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.9%. OFG Bancorp’s payout ratio is presently 28.93%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of OFG Bancorp during the third quarter valued at approximately $35,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of OFG Bancorp during the third quarter valued at approximately $53,000. EverSource Wealth Advisors LLC boosted its position in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Finally, Quantbot Technologies LP purchased a new position in shares of OFG Bancorp during the second quarter valued at approximately $162,000. Hedge funds and other 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.