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

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

Analyst Ratings Changes

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

OFG Bancorp Stock Performance

The company has a market capitalization of $1.54 billion, a P/E ratio of 8.04 and a beta of 0.74. The company’s 50 day moving average is $40.85 and its 200-day moving average is $42.34. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG) last announced 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 22.71% and a return on equity of 15.80%. During the same period in the previous year, the firm earned $0.98 EPS. Equities analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is currently 28.44%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in OFG Bancorp in the 4th quarter worth approximately $7,289,000. Bridgeway Capital Management LLC bought a new position in shares of OFG Bancorp during the 4th quarter valued at $5,205,000. Empowered Funds LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth $4,570,000. Foundry Partners LLC grew its holdings in shares of OFG Bancorp by 76.5% in the fourth quarter. Foundry Partners LLC now owns 237,264 shares of the bank’s stock worth $10,041,000 after acquiring an additional 102,841 shares during the period. Finally, Tudor Investment Corp ET AL increased its position in OFG Bancorp by 139.1% during the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock valued at $7,470,000 after acquiring an additional 102,680 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

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.