OFG Bancorp (OFG) Reaches New 52-Week Low at $8.35

OFG Bancorp (NYSE:OFG) hit a new 52-week low during trading on Thursday . The stock traded as low as $8.35 and last traded at $8.35, with a volume of 178,146 shares traded. The stock had previously closed at $8.65.

Several brokerages have commented on OFG. ValuEngine upgraded OFG Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Piper Jaffray Companies restated a “hold” rating and set a $12.50 price target on shares of OFG Bancorp in a research note on Friday, July 21st. Finally, BidaskClub lowered OFG Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th.

The company has a 50 day moving average of $9.04 and a 200 day moving average of $10.00. The stock has a market capitalization of $366.96 million, a P/E ratio of 7.56 and a beta of 1.52.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Friday, July 21st. The bank reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. OFG Bancorp had a return on equity of 8.36% and a net margin of 14.58%. The company had revenue of $100.45 million for the quarter, compared to analyst estimates of $90.95 million. During the same period last year, the company earned $0.25 earnings per share. Equities research analysts anticipate that OFG Bancorp will post $1.12 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.24 annualized dividend and a yield of 2.87%. OFG Bancorp’s dividend payout ratio (DPR) is currently 22.02%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in OFG Bancorp by 11.9% during the first quarter. Bank of New York Mellon Corp now owns 735,271 shares of the bank’s stock valued at $8,676,000 after buying an additional 78,295 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in OFG Bancorp by 3.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 768,932 shares of the bank’s stock valued at $9,074,000 after buying an additional 25,463 shares in the last quarter. Prudential Financial Inc. raised its holdings in OFG Bancorp by 1.8% during the first quarter. Prudential Financial Inc. now owns 297,194 shares of the bank’s stock valued at $3,507,000 after buying an additional 5,220 shares in the last quarter. Strs Ohio raised its holdings in OFG Bancorp by 12.3% during the second quarter. Strs Ohio now owns 70,300 shares of the bank’s stock valued at $703,000 after buying an additional 7,700 shares in the last quarter. Finally, AXA bought a new position in OFG Bancorp during the first quarter valued at about $227,000. Institutional investors own 96.99% of the company’s stock.

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OFG Bancorp Company Profile

OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.

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