OFG Bancorp (NYSE:OFG) Price Target Raised to $55.00

OFG Bancorp (NYSE:OFG) had its price target increased by Keefe, Bruyette & Woods from $53.00 to $55.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

OFG has been the subject of several other research reports. Wells Fargo & Company dropped their price target on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. Piper Sandler lowered their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Price Performance

Shares of OFG opened at $43.23 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.98 billion, a PE ratio of 10.24 and a beta of 1.02. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The business has a 50-day simple moving average of $43.56 and a two-hundred day simple moving average of $43.30.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the prior year, the company earned $0.98 earnings per share. Analysts anticipate that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has authorized a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. OFG Bancorp’s dividend payout ratio (DPR) is currently 23.70%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.11% of the stock is owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in OFG. GAMMA Investing LLC increased its holdings in OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares in the last quarter. XTX Topco Ltd raised its stake in shares of OFG Bancorp by 5.2% in the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after purchasing an additional 413 shares during the last quarter. Martingale Asset Management L P boosted its position in shares of OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after buying an additional 460 shares during the last quarter. KBC Group NV grew its holdings in OFG Bancorp by 39.7% during the fourth quarter. KBC Group NV now owns 2,620 shares of the bank’s stock worth $111,000 after buying an additional 745 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of OFG Bancorp by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock worth $895,000 after acquiring an additional 886 shares in the last quarter. Institutional investors 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.