OFG Bancorp (NYSE:OFG) Reaches New 1-Year Low – Here’s Why

OFG Bancorp (NYSE:OFG)’s stock price hit a new 52-week low on Wednesday . The stock traded as low as $33.15 and last traded at $34.53, with a volume of 6211 shares. The stock had previously closed at $34.78.

Analyst Ratings Changes

Several analysts recently issued reports on OFG shares. Wells Fargo & Company lowered shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $42.00 in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd.

OFG Bancorp Stock Down 2.4 %

The company has a market capitalization of $1.54 billion, a PE ratio of 8.04 and a beta of 0.74. The company’s fifty day moving average is $40.85 and its 200-day moving average is $42.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping 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 firm earned $0.98 earnings per share. As a group, analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 3.53%. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.44%.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently made changes to their positions in OFG. State Street Corp lifted its holdings in 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 purchasing an additional 19,372 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in OFG Bancorp by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock valued at $69,922,000 after buying an additional 14,618 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in OFG Bancorp by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank’s stock valued at $50,267,000 after buying an additional 9,658 shares in the last quarter. American Century Companies Inc. increased its stake in OFG Bancorp by 8.3% in the 4th quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank’s stock worth $49,423,000 after acquiring an additional 89,450 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after acquiring an additional 4,398 shares in the last quarter. 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.