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Zacks Investment Research cut shares of OFG Bancorp (NYSE:OFG) from a buy rating to a hold rating in a report published on Thursday, Zacks.com reports.
According to Zacks, “OFG Bancorp is a financial holding company that conducts its business activities through its subsidiaries, primarily in Puerto Rico. The company’s product and services consist of consumer banking and lending, commercial banking and wealth management. It offers residential mortgages, auto loans and leases, credit cards, business loans, commercial mortgages and leasing, cash management, transactional services, international trade financing, financial planning, money management, investment brokerage, corporate and individual trust, retirement products programs, and insurance. OFG Bancorp., formerly known as Oriental Financial Group Inc., is based in San Juan, Puerto Rico. “
Separately, TheStreet raised OFG Bancorp from a c rating to a b rating in a research note on Friday, October 23rd.
OFG stock opened at $17.77 on Thursday. The business’s fifty day moving average is $17.13 and its 200-day moving average is $14.28. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.11. The company has a market cap of $912.44 million, a P/E ratio of 20.91 and a beta of 1.64. OFG Bancorp has a twelve month low of $8.63 and a twelve month high of $23.76.
OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Friday, October 23rd. The bank reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.12. The company had revenue of $127.02 million for the quarter, compared to the consensus estimate of $130.00 million. OFG Bancorp had a return on equity of 6.54% and a net margin of 9.13%. Research analysts anticipate that OFG Bancorp will post 1.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Wednesday, December 30th. OFG Bancorp’s payout ratio is presently 17.28%.
In other OFG Bancorp news, COO Ganesh Kumar acquired 3,733 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were acquired at an average price of $15.06 per share, with a total value of $56,218.98. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.49% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. acquired a new stake in shares of OFG Bancorp in the 1st quarter valued at about $53,000. Strs Ohio acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $69,000. Bank of Montreal Can raised its stake in shares of OFG Bancorp by 140.3% in the 2nd quarter. Bank of Montreal Can now owns 7,453 shares of the bank’s stock valued at $91,000 after purchasing an additional 4,351 shares during the period. Wexford Capital LP acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $100,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at about $147,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.
About OFG Bancorp
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending; financial planning; and corporate and individual trust services.
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