OFG Bancorp (NYSE:OFG) Sets New 12-Month High – What’s Next?

Shares of OFG Bancorp (NYSE:OFG) reached a new 52-week high on Monday . The stock traded as high as $47.66 and last traded at $47.12, with a volume of 49127 shares traded. The stock had previously closed at $45.52.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th.

OFG Bancorp Stock Down 0.3 %

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $2.11 billion, a P/E ratio of 11.22 and a beta of 1.00. The firm has a 50-day simple moving average of $43.03 and a two-hundred day simple moving average of $41.39.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the previous year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts expect that OFG Bancorp will post 4.11 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 Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

OFG Bancorp declared that its board has initiated a share buyback plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of OFG Bancorp

A number of hedge funds have recently made changes to their positions in OFG. New Millennium Group LLC acquired a new position in shares of OFG Bancorp in the second quarter worth approximately $30,000. Blue Trust Inc. lifted its stake in shares of OFG Bancorp by 2,377.8% in the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after acquiring an additional 1,070 shares during the period. CWM LLC lifted its stake in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after acquiring an additional 1,112 shares during the period. Quarry LP lifted its stake in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after acquiring an additional 996 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

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.