Keefe, Bruyette & Woods Raises OFG Bancorp (NYSE:OFG) Price Target to $55.00

OFG Bancorp (NYSE:OFG - Free Report) had its price target hoisted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the bank's stock.

Several other equities research analysts have also commented on the company. Wells Fargo & Company cut their price objective on OFG Bancorp from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Monday, January 6th. Piper Sandler lowered 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

Shares of OFG Bancorp stock traded down $0.80 on Thursday, reaching $43.30. The company's stock had a trading volume of 468,620 shares, compared to its average volume of 323,801. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The company has a market capitalization of $1.99 billion, a P/E ratio of 10.53 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average price of $43.58 and a 200-day moving average price of $43.22.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. During the same quarter in the previous year, the firm earned $0.98 earnings per share. Analysts expect that OFG Bancorp will post 4.11 EPS for the current year.

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

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Tuesday, December 31st. OFG Bancorp's dividend payout ratio (DPR) is 24.33%.

Insider Buying and Selling

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

Hedge Funds Weigh In On OFG Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in shares of OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after purchasing an additional 263 shares during the last quarter. R Squared Ltd purchased a new position in OFG Bancorp during the fourth quarter worth about $44,000. Blue Trust Inc. increased its position in shares of OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock valued at $50,000 after acquiring an additional 1,070 shares during the last quarter. Quarry LP increased its position in shares of OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank's stock valued at $75,000 after acquiring an additional 996 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock valued at $89,000 after acquiring an additional 1,927 shares during the period. 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.