OFG Bancorp (NYSE:OFG) Reaches New 12-Month High – Here’s What Happened

OFG Bancorp (NYSE:OFG)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $47.46 and last traded at $47.60, with a volume of 8982 shares trading hands. The stock had previously closed at $46.27.

Analyst Upgrades and Downgrades

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

OFG Bancorp Trading Up 1.0%

The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 9.68 and a beta of 0.70. The business has a 50-day moving average of $44.13 and a two-hundred day moving average of $41.93. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results 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 firm had revenue of $185.80 million for the quarter. Research analysts predict that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a yield of 3.0%. OFG Bancorp’s payout ratio is currently 28.93%.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in OFG Bancorp by 28.4% during the first quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock valued at $5,361,000 after purchasing an additional 29,269 shares in the last quarter. Amundi boosted its holdings in OFG Bancorp by 140.7% during the first quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after purchasing an additional 9,357 shares in the last quarter. Royal Bank of Canada boosted its holdings in 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 purchasing an additional 1,736 shares in the last quarter. Empowered Funds LLC boosted its holdings in OFG Bancorp by 19.9% during the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after purchasing an additional 35,269 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in OFG Bancorp by 49.6% during the first quarter. Quantinno Capital Management LP now owns 8,473 shares of the bank’s stock valued at $343,000 after purchasing an additional 2,808 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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.