Keefe, Bruyette & Woods Issues Positive Forecast for OFG Bancorp (NYSE:OFG) Stock Price

OFG Bancorp (NYSE:OFG) had its price objective boosted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a research note issued to investors on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

OFG has been the topic of a number of other reports. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company reduced their price objective on OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th.

OFG Bancorp Stock Down 1.8 %

Shares of OFG opened at $43.30 on Thursday. The stock has a 50 day moving average price of $43.57 and a 200 day moving average price of $43.22. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 10.26 and a beta of 1.02. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the previous year, the business earned $0.98 earnings per share. Equities research analysts forecast that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has approved a stock buyback plan on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. OFG Bancorp’s dividend payout ratio (DPR) is 23.70%.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its holdings in shares of OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares during the last quarter. Geode Capital Management LLC lifted its stake in OFG Bancorp by 0.4% during the third quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after purchasing an additional 4,398 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of OFG Bancorp by 2.6% during the third quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after buying an additional 19,599 shares during the period. FMR LLC grew its stake in shares of OFG Bancorp by 8.1% in the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after buying an additional 15,498 shares in the last quarter. Finally, Algert Global LLC raised its holdings in shares of OFG Bancorp by 3.2% in the 3rd quarter. Algert Global LLC now owns 166,804 shares of the bank’s stock valued at $7,493,000 after buying an additional 5,120 shares during the period. 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.