OFG Bancorp (NYSE:OFG) Price Target Cut to $47.00

OFG Bancorp (NYSE:OFG) had its target price decreased by equities researchers at Piper Sandler from $49.00 to $47.00 in a research report issued on Thursday, Marketbeat reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 15.24% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Hovde Group increased their price objective on shares of 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 increased their price objective on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

OFG Bancorp Stock Performance

NYSE OFG opened at $40.79 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average price is $43.69 and its two-hundred day moving average price is $40.06. OFG Bancorp has a 1 year low of $28.32 and a 1 year high of $47.57. The firm has a market capitalization of $1.90 billion, a P/E ratio of 10.05 and a beta of 0.98.

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

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.16% of the stock is owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after buying an additional 63,883 shares in the last quarter. American Century Companies Inc. grew its stake in OFG Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after buying an additional 136,813 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after buying an additional 225,666 shares in the last quarter. Bank of New York Mellon Corp grew its stake in OFG Bancorp by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock worth $19,157,000 after buying an additional 2,757 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in OFG Bancorp by 3.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after buying an additional 10,186 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.