OFG Bancorp (NYSE:OFG) Shares Gap Up to $44.54

OFG Bancorp (NYSE:OFG) shares gapped up before the market opened on Friday . The stock had previously closed at $44.54, but opened at $45.79. OFG Bancorp shares last traded at $45.17, with a volume of 18,443 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OFG shares. Wells Fargo & Company raised their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Piper Sandler started coverage on OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price target for the company. Finally, Hovde Group raised 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 Performance

The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 11.21 and a beta of 0.99. 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 firm has a 50 day moving average price of $42.63 and a 200-day moving average price of $38.54.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.12. The business had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.93 earnings per share. As a group, sell-side analysts expect that OFG Bancorp will post 4.27 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, September 30th. OFG Bancorp’s payout ratio is currently 25.58%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the firm’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 sale, the director now directly owns 70,919 shares in the company, valued at $3,243,125.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.11% of the stock is owned by insiders.

Institutional Trading of OFG Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position 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 purchasing an additional 225,666 shares in the last quarter. American Century Companies Inc. increased its position in shares of OFG Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after purchasing an additional 136,813 shares in the last quarter. First Trust Advisors LP increased its position in shares of OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after purchasing an additional 100,661 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after buying an additional 63,883 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of OFG Bancorp during the second quarter worth about $2,112,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.