OFG Bancorp (NYSE:OFG) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

OFG Bancorp (NYSE:OFG)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $45.03 and traded as high as $53.78. OFG Bancorp shares last traded at $53.6460, with a volume of 231,067 shares changing hands.

Analyst Upgrades and Downgrades

OFG has been the subject of several recent analyst reports. Benchmark assumed coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note 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 issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.20.

OFG Bancorp Price Performance

The stock has a market capitalization of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50-day moving average price of $50.23 and a 200 day moving average price of $45.10.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The company had revenue of $190.28 million during the quarter, compared to the consensus estimate 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 EPS. On average, analysts expect that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

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

Insider Transactions at OFG Bancorp

In other news, Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by insiders.

Institutional Trading of OFG Bancorp

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of OFG Bancorp during the second quarter valued at about $302,289,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $24,993,000. Jupiter Topco LLC bought a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $21,094,000. Deutsche Bank AG purchased a new stake in OFG Bancorp during the 2nd quarter valued at about $20,652,000. Finally, Bank of New York Mellon Corp purchased a new stake in OFG Bancorp during the 2nd quarter valued at about $18,687,000. 92.73% of the stock is currently owned by hedge funds and other 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.