OFG Bancorp (OFG) Receives Consensus Rating of “Buy” from Analysts

OFG Bancorp (NYSE:OFG) has received an average rating of “Buy” from the six research firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $17.00.

Several research firms recently commented on OFG. Zacks Investment Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Saturday. Piper Jaffray Companies reiterated a “buy” rating and issued a $19.00 price target on shares of OFG Bancorp in a research report on Thursday, August 16th. TheStreet upgraded shares of OFG Bancorp from a “c+” rating to a “b” rating in a research report on Monday, July 23rd. Finally, Sandler O’Neill reiterated a “buy” rating and issued a $18.00 price target on shares of OFG Bancorp in a research report on Friday, July 20th.

Shares of OFG Bancorp stock traded up $0.05 during trading hours on Wednesday, hitting $16.20. The company had a trading volume of 274,700 shares, compared to its average volume of 308,743. OFG Bancorp has a twelve month low of $7.80 and a twelve month high of $17.75. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.21. The stock has a market cap of $712.53 million, a price-to-earnings ratio of 12.22 and a beta of 1.80.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Friday, July 20th. The bank reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. OFG Bancorp had a net margin of 13.67% and a return on equity of 10.07%. The business had revenue of $96.29 million during the quarter, compared to analysts’ expectations of $90.30 million. analysts forecast that OFG Bancorp will post 1.39 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 1.48%. OFG Bancorp’s payout ratio is currently 18.05%.

In other news, Director Jesus Nestor De acquired 5,000 shares of the business’s stock in a transaction on Thursday, June 28th. The stock was bought at an average price of $14.10 per share, for a total transaction of $70,500.00. Following the transaction, the director now owns 15,000 shares in the company, valued at $211,500. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.39% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. WBI Investments Inc. purchased a new position in OFG Bancorp during the 2nd quarter worth $1,838,000. Millennium Management LLC purchased a new position in OFG Bancorp during the 1st quarter worth $303,000. UBS Group AG raised its position in OFG Bancorp by 61.4% during the 1st quarter. UBS Group AG now owns 80,463 shares of the bank’s stock worth $840,000 after buying an additional 30,625 shares during the last quarter. Principal Financial Group Inc. raised its position in OFG Bancorp by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 336,846 shares of the bank’s stock worth $3,520,000 after buying an additional 7,990 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in OFG Bancorp by 7.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 146,125 shares of the bank’s stock worth $2,053,000 after buying an additional 9,700 shares during the last quarter. Institutional investors own 96.72% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; and financial planning, investment brokerage, corporate and individual trust, and retirement services.

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