OFG Bancorp (NYSE:OFG) Hits New 1-Year High – Should You Buy?

OFG Bancorp (NYSE:OFG) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $50.27 and last traded at $49.8370, with a volume of 25660 shares. The stock had previously closed at $49.07.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OFG. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd. Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Truist Financial upped their price target on shares of OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $47.20.

OFG Bancorp Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33. The stock has a market cap of $2.09 billion, a PE ratio of 10.22 and a beta of 0.69. The company’s 50 day moving average is $46.29 and its 200-day moving average is $42.89.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The company had revenue of $185.80 million during the quarter. As a group, sell-side analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a yield of 2.8%. OFG Bancorp’s payout ratio is currently 28.93%.

Institutional Trading of OFG Bancorp

A number of hedge funds have recently made changes to their positions in OFG. First Trust Advisors LP raised its stake in OFG Bancorp by 13.8% during the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after buying an additional 281,593 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after acquiring an additional 133,046 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of OFG Bancorp by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after acquiring an additional 108,635 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of OFG Bancorp during the 4th quarter valued at approximately $4,224,000. Finally, Squarepoint Ops LLC raised its position in shares of OFG Bancorp by 990.9% during the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock valued at $4,170,000 after acquiring an additional 92,419 shares in the last quarter. Institutional investors and hedge funds 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.