OFG Bancorp (NYSE:OFG) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

OFG Bancorp (NYSE:OFG) had its price objective lifted by equities research analysts at Keefe, Bruyette & Woods from $49.00 to $53.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 17.88% from the stock’s current price.

OFG has been the subject of a number of other research reports. Wells Fargo & Company lifted their price target on OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. Piper Sandler reduced their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Stock Down 0.4 %

Shares of NYSE:OFG traded down $0.16 during midday trading on Wednesday, reaching $44.96. The company had a trading volume of 43,964 shares, compared to its average volume of 240,233. 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 business’s 50 day moving average price is $43.13 and its 200 day moving average price is $41.67. The stock has a market cap of $2.06 billion, a PE ratio of 10.96 and a beta of 1.02. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same period in the prior year, the firm posted $0.95 EPS. OFG Bancorp’s revenue was up 1.1% compared to the same quarter last year. Research analysts forecast that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors have recently made changes to their positions in the stock. New Millennium Group LLC bought a new stake in shares of OFG Bancorp in the second quarter valued at approximately $30,000. Blue Trust Inc. raised its position in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,070 shares in the last quarter. CWM LLC raised its position in OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Quarry LP lifted its stake in OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after purchasing an additional 996 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

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.