OFG Bancorp (NYSE:OFG) Price Target Raised to $51.00

OFG Bancorp (NYSE:OFG) had its price target lifted by Hovde Group from $44.00 to $51.00 in a research report report published on Monday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company decreased their price objective on shares of OFG Bancorp from $41.00 to $40.00 and set an overweight rating for the company in a report on Wednesday, April 10th.

OFG Bancorp Trading Up 1.7 %

Shares of NYSE OFG opened at $46.15 on Monday. The business has a 50 day simple moving average of $38.24 and a 200 day simple moving average of $36.91. OFG Bancorp has a 52 week low of $28.18 and a 52 week high of $47.57. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 11.80 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.85 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The firm had revenue of $179.40 million during the quarter, compared to analysts’ expectations of $176.09 million. During the same period in the previous year, the company earned $0.93 earnings per share. The company’s revenue was up 5.2% compared to the same quarter last year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.25 per share. The ex-dividend date was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. OFG Bancorp’s payout ratio is currently 25.58%.

Insider Activity

In related news, insider Ganesh Kumar sold 6,695 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total transaction of $253,941.35. Following the completion of the sale, the insider now directly owns 76,578 shares of the company’s stock, valued at approximately $2,904,603.54. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in OFG Bancorp by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after buying an additional 63,883 shares during the period. First Trust Advisors LP increased its position in OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after acquiring an additional 100,661 shares during the period. Goldman Sachs Group Inc. raised its stake in OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after purchasing an additional 225,666 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in OFG Bancorp by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock valued at $19,157,000 after purchasing an additional 2,757 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in OFG Bancorp by 3.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after purchasing an additional 10,186 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.