OFG Bancorp (NYSE:OFG) Hits New 1-Year High – Here’s Why

OFG Bancorp (NYSE:OFG)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $50.72 and last traded at $50.7940, with a volume of 15055 shares traded. The stock had previously closed at $49.99.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OFG. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Truist Financial raised their price objective on OFG Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler reaffirmed a “neutral” rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Benchmark initiated coverage on OFG Bancorp in a report on Tuesday. They issued a “hold” rating on the stock. Finally, Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.00.

OFG Bancorp Stock Performance

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 has a 50-day simple moving average of $47.01 and a two-hundred day simple moving average of $43.36. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 10.58 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. The business 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%. As a group, sell-side analysts forecast that OFG Bancorp will post 4.75 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 28.93%.

Institutional Trading of OFG Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in OFG Bancorp in the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its holdings in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at $97,000. Royal Bank of Canada lifted its stake in shares of OFG Bancorp by 80.2% in the 1st 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 during the last quarter. Finally, Quantbot Technologies LP bought a new stake in OFG Bancorp in the second quarter worth $162,000. 92.73% of the stock is currently 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.