OFG Bancorp (NYSE:OFG) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of OFG Bancorp (NYSE:OFG) from a buy rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “OFG Bancorp is a financial holding company that conducts its business activities through its subsidiaries, primarily in Puerto Rico. The company’s product and services consist of consumer banking and lending, commercial banking and wealth management. It offers residential mortgages, auto loans and leases, credit cards, business loans, commercial mortgages and leasing, cash management, transactional services, international trade financing, financial planning, money management, investment brokerage, corporate and individual trust, retirement products programs, and insurance. OFG Bancorp., formerly known as Oriental Financial Group Inc., is based in San Juan, Puerto Rico. “

Separately, ValuEngine upgraded shares of OFG Bancorp from a sell rating to a hold rating in a research note on Wednesday, January 29th.

Shares of NYSE OFG traded down $0.17 during mid-day trading on Thursday, reaching $20.59. 259,442 shares of the company were exchanged, compared to its average volume of 299,401. The company’s 50-day simple moving average is $21.65 and its 200-day simple moving average is $21.61. The company has a quick ratio of 1.05, a current ratio of 0.93 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.07 billion, a P/E ratio of 22.38 and a beta of 1.67. OFG Bancorp has a twelve month low of $18.56 and a twelve month high of $24.95.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 29th. The bank reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.36). OFG Bancorp had a return on equity of 8.83% and a net margin of 11.88%. The company had revenue of $98.92 million for the quarter. As a group, equities research analysts expect that OFG Bancorp will post 2.7 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.36%. The ex-dividend date is Monday, March 30th. OFG Bancorp’s dividend payout ratio (DPR) is 17.28%.

In other OFG Bancorp news, Director Edwin Perez acquired 40,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $20.21 per share, for a total transaction of $808,400.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $101,050. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.32% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the business. Marshall Wace North America L.P. acquired a new stake in OFG Bancorp in the 1st quarter worth about $53,000. PNC Financial Services Group Inc. increased its holdings in OFG Bancorp by 23.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,691 shares of the bank’s stock valued at $86,000 after buying an additional 699 shares during the period. Quantbot Technologies LP bought a new position in OFG Bancorp in the 4th quarter valued at about $107,000. Amalgamated Bank bought a new position in OFG Bancorp in the 4th quarter valued at about $203,000. Finally, Bank of Montreal Can increased its holdings in OFG Bancorp by 6.7% in the 4th quarter. Bank of Montreal Can now owns 9,546 shares of the bank’s stock valued at $226,000 after buying an additional 599 shares during the period. Institutional investors and hedge funds own 94.57% of the company’s stock.

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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