Wells Fargo & Company Increases OFG Bancorp (NYSE:OFG) Price Target to $48.00

OFG Bancorp (NYSE:OFG) had its price target raised by Wells Fargo & Company from $45.00 to $48.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $43.30 on Thursday. The company has a market cap of $1.99 billion, a PE ratio of 10.26 and a beta of 1.02. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The firm has a 50-day simple moving average of $43.57 and a 200 day simple moving average of $43.22. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter last year, the firm earned $0.98 earnings per share. On average, sell-side analysts anticipate that OFG Bancorp will post 4.07 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. OFG Bancorp’s payout ratio is 23.70%.

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

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares of the company’s stock, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds have recently modified their holdings of the company. Foundry Partners LLC acquired a new stake in shares of OFG Bancorp in the third quarter valued at $6,038,000. Marshall Wace LLP bought a new stake in OFG Bancorp in the second quarter worth about $2,112,000. Intech Investment Management LLC lifted its holdings in OFG Bancorp by 411.3% in the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock valued at $2,892,000 after acquiring an additional 51,798 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of OFG Bancorp by 293.2% during the 2nd quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock valued at $2,386,000 after purchasing an additional 47,500 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of OFG Bancorp by 83.6% during the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock valued at $4,314,000 after purchasing an additional 43,738 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.