OFG Bancorp (NYSE:OFG) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of OFG Bancorp (NYSE:OFG) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also issued reports on OFG. Truist Financial boosted their target price on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company lifted their price target on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler restated a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $47.20.

OFG Bancorp Trading Up 2.3%

OFG Bancorp stock opened at $50.18 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 10.37 and a beta of 0.69. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $50.66. The firm’s 50 day moving average price is $46.19 and its two-hundred day moving average price is $42.84.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. The company had revenue of $185.80 million during the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. On average, research analysts predict that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced 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. This represents a $1.40 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s payout ratio is 28.93%.

Institutional Trading of OFG Bancorp

Hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL grew its holdings in shares of OFG Bancorp by 23.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank’s stock valued at $7,867,000 after acquiring an additional 34,653 shares in the last quarter. Gator Capital Management LLC raised its holdings in shares of OFG Bancorp by 15.2% during the third quarter. Gator Capital Management LLC now owns 233,170 shares of the bank’s stock worth $10,141,000 after acquiring an additional 30,740 shares in the last quarter. Algert Global LLC raised its holdings in shares of OFG Bancorp by 31.0% during the third quarter. Algert Global LLC now owns 300,292 shares of the bank’s stock worth $13,060,000 after acquiring an additional 71,112 shares in the last quarter. Quantbot Technologies LP raised its holdings in shares of OFG Bancorp by 358.4% during the third quarter. Quantbot Technologies LP now owns 17,332 shares of the bank’s stock worth $754,000 after acquiring an additional 13,551 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in OFG Bancorp by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after purchasing an additional 28,114 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.