OFG Bancorp (NYSE:OFG) Reaches New 52-Week High on Analyst Upgrade

OFG Bancorp (NYSE:OFG)’s stock price hit a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $40.00 to $48.00. Wells Fargo & Company currently has an overweight rating on the stock. OFG Bancorp traded as high as $46.52 and last traded at $46.52, with a volume of 21029 shares traded. The stock had previously closed at $45.35.

Separately, Hovde Group raised their target price on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday.

Insider Activity at OFG Bancorp

In related news, insider Ganesh Kumar sold 6,695 shares of OFG Bancorp stock in a transaction that occurred 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 transaction, the insider now directly owns 76,578 shares of the company’s stock, valued at $2,904,603.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. 3.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Capstone Investment Advisors LLC purchased a new position in OFG Bancorp in the first quarter worth $844,000. Janney Montgomery Scott LLC purchased a new position in OFG Bancorp in the first quarter worth $649,000. BNP Paribas Financial Markets grew its holdings in OFG Bancorp by 172.3% in the first quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after purchasing an additional 23,075 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in OFG Bancorp by 6.1% in the first quarter. Russell Investments Group Ltd. now owns 242,526 shares of the bank’s stock worth $8,927,000 after purchasing an additional 13,869 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after buying an additional 225,666 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 2.5 %

The company’s 50 day moving average price is $37.75 and its 200 day moving average price is $36.71. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 11.60 and a beta of 1.00.

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. The company had revenue of $179.40 million during the quarter, compared to the consensus estimate of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.93 earnings per share. As a group, research analysts forecast that OFG Bancorp will post 4.02 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors 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 2.15%. OFG Bancorp’s dividend payout ratio is presently 25.58%.

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.