OFG Bancorp (NYSE:OFG) Price Target Cut to $45.00 by Analysts at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its target price lowered by equities researchers at Wells Fargo & Company from $49.00 to $45.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 5.68% from the stock’s current price.

Other analysts have also issued research reports about the company. Piper Sandler cut their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

OFG Bancorp Price Performance

Shares of NYSE:OFG traded up $0.19 during trading on Monday, reaching $42.58. 33,111 shares of the company’s stock traded hands, compared to its average volume of 165,248. The firm has a market cap of $1.95 billion, a PE ratio of 10.36 and a beta of 1.02. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a 50-day simple moving average of $43.53 and a 200-day simple moving average of $42.74.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same period in the previous year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts predict that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has approved a share repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares in the last quarter. Blue Trust Inc. raised its stake in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after buying an additional 1,070 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of OFG Bancorp by 4,014.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after buying an additional 1,927 shares during the period. Quarry LP lifted its holdings in shares of OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after buying an additional 996 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in OFG Bancorp by 56.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock worth $115,000 after acquiring an additional 926 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Company Profile

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.