OFG Bancorp (NYSE:OFG) Stock Has Average Price Target of $56.50 According to Brokerages

Shares of OFG Bancorp (NYSE:OFG) have earned an average rating of “Hold” from the seven brokerages that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $56.50.

Several research analysts have recently commented on OFG shares. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Benchmark assumed coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Tuesday, October 6th. Finally, Zacks Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st.

Insider Buying and Selling

In other OFG Bancorp news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. This trade represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 in the last three months. 1.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OFG. BlackRock Inc. acquired a new stake in shares of OFG Bancorp in the second quarter valued at $302,289,000. Dimensional Fund Advisors LP boosted its stake in OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after buying an additional 27,774 shares in the last quarter. First Trust Advisors LP grew its holdings 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 worth $93,945,000 after acquiring an additional 281,593 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in OFG Bancorp during the second quarter worth about $24,993,000. Finally, Jupiter Topco LLC acquired a new position in OFG Bancorp during the second quarter worth about $21,094,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG opened at $52.12 on Tuesday. The business’s fifty day moving average price is $52.03 and its 200 day moving average price is $48.87. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The stock has a market capitalization of $2.20 billion, a PE ratio of 10.26 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Equities research analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. OFG Bancorp’s payout ratio is currently 27.56%.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides a range of banking and financial services to individuals, businesses and government entities.

Oriental Bank offers consumer and commercial deposit accounts, residential and commercial mortgages, consumer loans, business lending, credit cards and other financing products. The company also provides wealth management, trust, brokerage and insurance-related services through its affiliated businesses.

OFG Bancorp primarily serves customers in Puerto Rico and the U.S.