OFG Bancorp (NYSE:OFG) Stock Gets Price Target Reduction from Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price target reduced by equities researchers at Wells Fargo & Company from $55.00 to $53.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 3.27% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. Truist Financial upped their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings downgraded OFG Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday. Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating for the company. Finally, Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.00.

OFG Bancorp Stock Performance

Shares of OFG opened at $51.32 on Monday. The company’s 50 day simple moving average is $51.60 and its 200-day simple moving average is $46.97. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The firm has a market cap of $2.17 billion, a PE ratio of 9.78 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.10. The firm had revenue of $185.75 million during the quarter, compared to analysts’ expectations of $187.11 million. OFG Bancorp had a net margin of 24.64% and a return on equity of 16.38%. As a group, equities analysts predict that OFG Bancorp will post 5.32 EPS for the current year.

Insiders Place Their Bets

In other news, Director Néstor de Jesús sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OFG. Allworth Financial LP bought a new position in shares of OFG Bancorp in the second quarter valued at approximately $31,000. Nykredit A S purchased a new stake in shares of OFG Bancorp during the second quarter valued at $43,000. USA Financial Formulas acquired a new position in shares of OFG Bancorp in the third quarter worth about $47,000. Integrated Wealth Concepts LLC acquired a new position in OFG Bancorp in the 2nd quarter worth approximately $57,000. Finally, Royal Bank of Canada grew its holdings in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after buying an additional 1,736 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, it provides banking services to individuals, businesses and government entities, including deposit accounts, consumer and commercial loans, mortgage lending, auto financing and cash management.

The company also offers investment and wealth-management services through Oriental Financial Services, as well as insurance products. Its operations primarily serve customers in Puerto Rico and the U.S.