OFG Bancorp (NYSE:OFG) Hits New 12-Month High – Should You Buy?

OFG Bancorp (NYSE:OFG)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $48.57 and last traded at $48.17, with a volume of 14043 shares changing hands. The stock had previously closed at $48.03.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OFG shares. Truist Financial upped their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Piper Sandler reissued a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company raised their target price on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $47.20.

OFG Bancorp Stock Up 1.3%

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 firm’s fifty day moving average price is $45.39 and its 200-day moving average price is $42.49. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 10.05 and a beta of 0.70.

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

OFG Bancorp Announces Dividend

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 issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its stake in OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after buying an additional 552 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $162,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after buying an additional 31,816 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of 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. Institutional investors own 92.73% of the company’s stock.

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.