OFG Bancorp (NYSE:OFG) Downgraded to Hold at ValuEngine

ValuEngine cut shares of OFG Bancorp (NYSE:OFG) from a buy rating to a hold rating in a report published on Thursday, ValuEngine reports.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $23.00 to $28.00 and gave the stock an outperform rating in a report on Monday, July 1st. Zacks Investment Research raised shares of OFG Bancorp from a hold rating to a strong-buy rating and set a $28.00 price objective on the stock in a research note on Wednesday, July 3rd. Finally, Piper Jaffray Companies set a $28.00 price objective on shares of OFG Bancorp and gave the stock a buy rating in a research note on Friday, June 28th.

NYSE:OFG traded down $0.59 during midday trading on Thursday, hitting $21.35. The company’s stock had a trading volume of 236,525 shares, compared to its average volume of 368,118. OFG Bancorp has a fifty-two week low of $14.42 and a fifty-two week high of $24.95. The company’s 50 day simple moving average is $22.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.91 and a current ratio of 0.98. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 14.05 and a beta of 1.54.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.01). OFG Bancorp had a return on equity of 10.64% and a net margin of 20.64%. The business had revenue of $104.03 million during the quarter, compared to analyst estimates of $98.50 million. On average, sell-side analysts anticipate that OFG Bancorp will post 1.8 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.31%. OFG Bancorp’s payout ratio is 18.42%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in shares of OFG Bancorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,739,745 shares of the bank’s stock valued at $61,556,000 after buying an additional 26,096 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in OFG Bancorp by 32.3% in the 1st quarter. JPMorgan Chase & Co. now owns 854,116 shares of the bank’s stock valued at $16,902,000 after purchasing an additional 208,582 shares in the last quarter. Geode Capital Management LLC lifted its holdings in OFG Bancorp by 27.5% in the 4th quarter. Geode Capital Management LLC now owns 601,679 shares of the bank’s stock valued at $9,903,000 after purchasing an additional 129,957 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in OFG Bancorp by 16.8% in the 4th quarter. Principal Financial Group Inc. now owns 414,939 shares of the bank’s stock valued at $6,830,000 after purchasing an additional 59,805 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in OFG Bancorp by 23.2% in the 4th quarter. American Century Companies Inc. now owns 349,017 shares of the bank’s stock valued at $5,745,000 after purchasing an additional 65,778 shares in the last quarter. 92.72% of the stock is currently owned by institutional investors and hedge funds.

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 products; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.

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