OFG Bancorp (NYSE:OFG) Hits New 52-Week High at $39.19

OFG Bancorp (NYSE:OFG) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $39.19 and last traded at $39.14, with a volume of 37266 shares trading hands. The stock had previously closed at $37.93.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reduced their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th.

OFG Bancorp Stock Up 2.9 %

The stock has a market cap of $1.83 billion, a PE ratio of 9.98 and a beta of 1.00. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.85 and a current ratio of 0.86. The company’s 50-day moving average price is $37.06 and its 200 day moving average price is $36.44.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $0.95 by $0.10. The firm had revenue of $213.49 million during the quarter, compared to analyst estimates of $175.20 million. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. During the same quarter in the prior year, the firm earned $0.96 EPS. As a group, analysts forecast that OFG Bancorp will post 4.02 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.56%. The ex-dividend date is Friday, June 28th. OFG Bancorp’s dividend payout ratio is 25.58%.

Insider Buying and Selling

In related news, insider Ganesh Kumar sold 6,695 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the completion of the sale, the insider now directly owns 76,578 shares of the company’s stock, valued at approximately $2,904,603.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after buying an additional 1,112 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in OFG Bancorp during the 1st quarter valued at approximately $121,000. Lazard Asset Management LLC grew its holdings in OFG Bancorp by 206.6% during the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after buying an additional 2,804 shares in the last quarter. Vest Financial LLC purchased a new stake in OFG Bancorp during the 4th quarter valued at approximately $241,000. Finally, O Shaughnessy Asset Management LLC grew its holdings in OFG Bancorp by 23.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock valued at $338,000 after buying an additional 1,765 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.