OFG Bancorp (NYSE:OFG) Sets New 1-Year High – Here’s Why

OFG Bancorp (NYSE:OFG) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $53.27 and last traded at $53.25, with a volume of 92699 shares trading hands. The stock had previously closed at $52.38.

Analyst Ratings Changes

A number of brokerages have issued reports on OFG. Wells Fargo & Company upped their target price on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Benchmark began coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $54.00.

OFG Bancorp Trading Up 1.1%

The business has a 50-day moving average price of $48.42 and a 200-day moving average price of $44.10. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.24 billion, a P/E ratio of 10.42 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.32 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the business earned $1.15 earnings per share. Analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is 27.56%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new stake in OFG Bancorp in the 3rd quarter valued at $35,000. EverSource Wealth Advisors LLC raised its stake in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares in the last quarter. Raymond James Financial Inc. acquired a new position in OFG Bancorp during the second quarter worth $97,000. Quantbot Technologies LP bought a new position in shares of OFG Bancorp during the second quarter valued at $162,000. Finally, Royal Bank of Canada lifted its holdings in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

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.