OFG Bancorp (NYSE:OFG) Sets New 12-Month High – Time to Buy?

OFG Bancorp (NYSE:OFG) hit 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.

Analysts Set New Price Targets

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

OFG Bancorp Price Performance

The company has a market cap of $2.15 billion, a P/E ratio of 11.19 and a beta of 1.00. The company’s 50-day moving average price is $42.95 and its two-hundred day moving average price is $41.28. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

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

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of OFG. New Millennium Group LLC acquired a new position in shares of OFG Bancorp during the second quarter valued at $30,000. Blue Trust Inc. boosted its stake in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,070 shares during the period. CWM LLC grew its position in OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares during the last quarter. Quarry LP increased 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 valued at $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after buying an additional 1,927 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

About OFG Bancorp

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.