OFG Bancorp (OFG) Rating Increased to Buy at Sandler O’Neill

Sandler O’Neill upgraded shares of OFG Bancorp (NYSE:OFG) from a hold rating to a buy rating in a research note published on Monday, October 30th, MarketBeat.com reports. The firm currently has $12.00 price target on the bank’s stock.

Other equities analysts have also issued research reports about the company. ValuEngine raised OFG Bancorp from a hold rating to a buy rating in a research note on Monday, October 2nd. Piper Jaffray Companies reaffirmed a hold rating and issued a $11.00 price objective on shares of OFG Bancorp in a research note on Friday, October 27th. Finally, BidaskClub lowered OFG Bancorp from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $12.33.

Shares of OFG Bancorp (NYSE:OFG) traded up $0.30 on Monday, reaching $8.80. The company’s stock had a trading volume of 336,921 shares, compared to its average volume of 238,172. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $400.39, a PE ratio of 6.99 and a beta of 1.62. OFG Bancorp has a fifty-two week low of $7.80 and a fifty-two week high of $14.48.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 25th. The bank reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. The business had revenue of $98.39 million during the quarter, compared to analysts’ expectations of $90.60 million. OFG Bancorp had a return on equity of 9.05% and a net margin of 11.92%. During the same quarter in the prior year, the business posted $0.14 earnings per share. equities research analysts forecast that OFG Bancorp will post 1.12 EPS for the current year.

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In related news, Director Jesus Nestor De acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were acquired at an average cost of $7.95 per share, for a total transaction of $39,750.00. Following the completion of the transaction, the director now directly owns 5,400 shares in the company, valued at approximately $42,930. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.56% of the company’s stock.

A number of hedge funds have recently modified their holdings of OFG. Wells Fargo & Company MN raised its holdings in shares of OFG Bancorp by 2.3% in the first quarter. Wells Fargo & Company MN now owns 61,798 shares of the bank’s stock worth $730,000 after buying an additional 1,408 shares during the period. Karp Capital Management Corp purchased a new stake in shares of OFG Bancorp in the first quarter worth approximately $294,000. Arizona State Retirement System raised its holdings in shares of OFG Bancorp by 0.9% in the first quarter. Arizona State Retirement System now owns 22,844 shares of the bank’s stock worth $270,000 after buying an additional 200 shares during the period. Neuberger Berman Group LLC increased its holdings in OFG Bancorp by 0.9% during the 1st quarter. Neuberger Berman Group LLC now owns 13,470 shares of the bank’s stock worth $159,000 after purchasing an additional 126 shares during the period. Finally, OppenheimerFunds Inc. increased its holdings in OFG Bancorp by 125.0% during the 1st quarter. OppenheimerFunds Inc. now owns 27,909 shares of the bank’s stock worth $329,000 after purchasing an additional 15,505 shares during the period. Institutional investors and hedge funds own 96.93% of the company’s stock.

About OFG Bancorp

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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