OFG Bancorp (NYSE:OFG) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

OFG Bancorp (NYSE:OFG)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $41.01 and traded as high as $41.37. OFG Bancorp shares last traded at $41.3230, with a volume of 239,607 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on OFG. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler started coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Finally, Truist Financial reduced their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Three investment 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 stock has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Stock Performance

The stock has a 50-day moving average of $40.42 and a 200 day moving average of $41.01. The stock has a market cap of $1.76 billion, a PE ratio of 9.02 and a beta of 0.67. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same quarter last year, the firm earned $1.09 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. Equities analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is 30.57%.

OFG Bancorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 12% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Annette Franqui bought 1,540 shares of OFG Bancorp stock in a transaction on Friday, February 20th. The shares were bought at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the acquisition, the director directly owned 3,440 shares in the company, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.23% of the company’s stock.

Institutional Trading of OFG Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans acquired a new stake in OFG Bancorp during the 3rd quarter worth $4,272,000. Hsbc Holdings PLC boosted its stake in OFG Bancorp by 122.3% in the second quarter. Hsbc Holdings PLC now owns 60,193 shares of the bank’s stock valued at $2,594,000 after acquiring an additional 33,110 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of OFG Bancorp by 18.8% during the third quarter. Rhumbline Advisers now owns 156,826 shares of the bank’s stock worth $6,820,000 after purchasing an additional 24,786 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of OFG Bancorp by 8.0% during the third quarter. Federated Hermes Inc. now owns 192,089 shares of the bank’s stock worth $8,354,000 after purchasing an additional 14,216 shares during the last quarter. Finally, Tudor Investment Corp ET AL increased its position in shares of OFG Bancorp by 23.7% during the third 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 in the last quarter. 92.73% of the stock is currently 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.