OFG Bancorp (NYSE:OFG) Price Target Lowered to $47.00 at Piper Sandler

OFG Bancorp (NYSE:OFG) had its target price reduced by Piper Sandler from $49.00 to $47.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

OFG has been the topic of a number of other reports. Hovde Group lifted their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd.

OFG Bancorp Stock Up 0.5 %

OFG stock opened at $41.57 on Thursday. OFG Bancorp has a twelve month low of $28.32 and a twelve month high of $47.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.95 billion, a P/E ratio of 10.63 and a beta of 0.98. The business’s 50-day moving average price is $43.71 and its 200-day moving average price is $40.03.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the sale, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.11% of the stock is owned by corporate insiders.

Institutional Trading of OFG Bancorp

A number of large investors have recently added to or reduced their stakes in OFG. Goldman Sachs Group Inc. increased its position in shares of OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after purchasing an additional 225,666 shares during the last quarter. American Century Companies Inc. increased its position in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares during the last quarter. Vanguard Group Inc. increased its position in shares of OFG Bancorp by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after purchasing an additional 63,883 shares during the last quarter. Marshall Wace LLP bought a new position in shares of OFG Bancorp during the 2nd quarter valued at approximately $2,112,000. Finally, X Square Capital LLC increased its position in shares of OFG Bancorp by 46.7% during the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock valued at $6,256,000 after purchasing an additional 53,190 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.