OFG Bancorp (NYSE:OFG) Reaches New 52-Week High – Here’s What Happened

OFG Bancorp (NYSE:OFG) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $48.57 and last traded at $48.17, with a volume of 14043 shares trading hands. The stock had previously closed at $48.03.

Wall Street Analysts Forecast Growth

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

OFG Bancorp Trading Up 1.3%

The firm has a market cap of $2.06 billion, a P/E ratio of 10.05 and a beta of 0.70. The business’s 50-day moving average is $45.39 and its two-hundred day moving average is $42.49. 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 issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The firm had revenue of $185.80 million for the quarter. As a group, analysts predict that OFG Bancorp will post 4.75 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

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 $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.9%. OFG Bancorp’s payout ratio is currently 28.93%.

Institutional Trading of OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp ET AL increased its position in shares of OFG Bancorp by 23.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock worth $7,867,000 after purchasing an additional 34,653 shares during the last quarter. Gator Capital Management LLC boosted its holdings in shares of OFG Bancorp by 15.2% in the 3rd quarter. Gator Capital Management LLC now owns 233,170 shares of the bank’s stock valued at $10,141,000 after buying an additional 30,740 shares during the last quarter. Algert Global LLC boosted its holdings in shares of OFG Bancorp by 31.0% in the 3rd quarter. Algert Global LLC now owns 300,292 shares of the bank’s stock valued at $13,060,000 after buying an additional 71,112 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of OFG Bancorp by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after buying an additional 28,114 shares in the last quarter. Finally, Quantbot Technologies LP grew its stake in shares of OFG Bancorp by 358.4% in the third quarter. Quantbot Technologies LP now owns 17,332 shares of the bank’s stock valued at $754,000 after buying an additional 13,551 shares in 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.