OFG Bancorp (NYSE:OFG) Sets New 12-Month High – What’s Next?

OFG Bancorp (NYSE:OFG) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.66 and last traded at $47.12, with a volume of 49127 shares changing hands. The stock had previously closed at $45.52.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

The company has a fifty day moving average of $43.03 and a 200-day moving average of $41.39. The firm has a market cap of $2.11 billion, a P/E ratio of 11.22 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter last year, the company posted $0.95 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is currently 24.33%.

OFG Bancorp declared that its board has authorized a stock buyback program on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of OFG Bancorp by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after buying an additional 63,883 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in OFG Bancorp by 23.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock worth $338,000 after purchasing an additional 1,765 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in OFG Bancorp by 4.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 54,096 shares of the bank’s stock worth $1,989,000 after purchasing an additional 2,079 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in OFG Bancorp by 206.6% during the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after purchasing an additional 2,804 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in OFG Bancorp by 25.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock worth $5,629,000 after purchasing an additional 30,814 shares in 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.