OFG Bancorp (NYSE:OFG) Sets New 52-Week High – What’s Next?

OFG Bancorp (NYSE:OFG)’s stock price reached 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 traded. The stock had previously closed at $45.52.

Analyst Ratings Changes

Separately, 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 report on Thursday, October 17th.

OFG Bancorp Stock Up 2.7 %

The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 11.19 and a beta of 1.00. The stock’s 50 day moving average is $42.95 and its 200 day moving average is $41.28. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last issued 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). The firm had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp declared that its Board of Directors has initiated 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 generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of OFG Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Geode Capital Management LLC raised its position in shares of 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 during the period. Barclays PLC increased its stake in OFG Bancorp by 83.6% in the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after purchasing an additional 43,738 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in OFG Bancorp during the 3rd quarter worth about $1,271,000. XTX Topco Ltd lifted its stake in OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after buying an additional 413 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of OFG Bancorp by 32.1% in the third quarter. Jane Street Group LLC now owns 82,203 shares of the bank’s stock worth $3,693,000 after buying an additional 19,963 shares during the period. 92.73% of the stock is 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.