OFG Bancorp (NYSE:OFG) Sets New 52-Week High – Here’s Why

OFG Bancorp (NYSE:OFG)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $53.82 and last traded at $53.5450, with a volume of 25169 shares. The stock had previously closed at $53.54.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial boosted their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Wells Fargo & Company increased their price objective on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Stock Down 0.4%

The stock’s fifty day moving average price is $50.07 and its 200 day moving average price is $45.03. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.25 billion, a P/E ratio of 10.51 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the previous year, the company posted $1.15 earnings per share. As a group, research analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OFG. BlackRock Inc. bought a new position in shares of OFG Bancorp during the second quarter valued at about $302,289,000. Dimensional Fund Advisors LP raised its holdings in OFG Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after purchasing an additional 27,774 shares in the last quarter. First Trust Advisors LP lifted its position in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after acquiring an additional 281,593 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of OFG Bancorp by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after purchasing an additional 13,121 shares during the last quarter. Finally, Millennium Management LLC raised its stake in OFG Bancorp by 7.8% during the third quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after buying an additional 57,572 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

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.