OFG Bancorp (NYSE:OFG) Price Target Increased to $51.00 by Analysts at Hovde Group

OFG Bancorp (NYSE:OFG) had its price target boosted by Hovde Group from $44.00 to $51.00 in a research report released on Monday morning, Marketbeat reports. The brokerage currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company dropped their price objective on shares of OFG Bancorp from $41.00 to $40.00 and set an overweight rating on the stock in a research note on Wednesday, April 10th.

OFG Bancorp Stock Performance

NYSE:OFG opened at $46.15 on Monday. OFG Bancorp has a twelve month low of $28.18 and a twelve month high of $47.57. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 11.80 and a beta of 1.00. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. The firm’s fifty day simple moving average is $38.24 and its 200 day simple moving average is $36.91.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. During the same quarter in the previous year, the firm posted $0.93 earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Insider Buying and Selling at OFG Bancorp

In related news, insider Ganesh Kumar sold 6,695 shares of OFG Bancorp stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the completion of the sale, the insider now owns 76,578 shares in the company, valued at $2,904,603.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.11% of the stock is currently owned by corporate insiders.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bailard Inc. grew its position in shares of OFG Bancorp by 17.4% in the 2nd quarter. Bailard Inc. now owns 10,111 shares of the bank’s stock worth $379,000 after acquiring an additional 1,500 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in OFG Bancorp by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after purchasing an additional 2,757 shares during the period. New Millennium Group LLC bought a new stake in OFG Bancorp during the second quarter valued at $30,000. Louisiana State Employees Retirement System lifted its position in shares of OFG Bancorp by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after buying an additional 300 shares during the last quarter. Finally, SummerHaven Investment Management LLC boosted its holdings in shares of OFG Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after buying an additional 412 shares during the period. 92.73% of the stock is owned by institutional investors.

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.