OFG Bancorp (NYSE:OFG) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler started coverage on shares of OFG Bancorp (NYSE:OFG) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued an overweight rating and a $49.00 target price on the bank’s stock.

Several other equities research analysts also recently commented on the company. Wells Fargo & Company boosted their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Hovde Group lifted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an outperform rating in a research report on Monday, July 22nd.

OFG Bancorp Stock Up 0.3 %

Shares of OFG Bancorp stock opened at $45.09 on Monday. OFG Bancorp has a 1 year low of $28.18 and a 1 year high of $47.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50-day moving average of $41.13 and a 200 day moving average of $37.99. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 11.53 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The business had revenue of $179.40 million during the quarter, compared to the consensus estimate of $176.09 million. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 earnings per share.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. OFG Bancorp’s payout ratio is currently 25.58%.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the transaction, the director now owns 70,919 shares in the company, valued at $3,243,125.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

A number of institutional investors have recently made changes to their positions in OFG. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in OFG Bancorp by 7.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,890 shares of the bank’s stock valued at $483,000 after purchasing an additional 931 shares during the period. SummerHaven Investment Management LLC lifted its holdings in shares of OFG Bancorp by 1.1% during the 4th quarter. SummerHaven Investment Management LLC now owns 26,059 shares of the bank’s stock valued at $977,000 after buying an additional 295 shares during the period. Natixis Advisors L.P. boosted its stake in shares of OFG Bancorp by 1.9% in the 4th quarter. Natixis Advisors L.P. now owns 29,743 shares of the bank’s stock worth $1,114,000 after buying an additional 546 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of OFG Bancorp by 38.2% in the fourth quarter. Panagora Asset Management Inc. now owns 194,528 shares of the bank’s stock worth $7,291,000 after acquiring an additional 53,719 shares during the period. Finally, TD Asset Management Inc increased its position in OFG Bancorp by 1.9% during the fourth quarter. TD Asset Management Inc now owns 55,000 shares of the bank’s stock valued at $2,061,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other 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.