OFG Bancorp (NYSE:OFG) Price Target Raised to $48.00

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

A number of other equities research analysts have also commented on OFG. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler reduced their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

OFG Bancorp Trading Down 0.2 %

NYSE:OFG opened at $43.23 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.24 and a beta of 1.02. The business’s 50-day moving average price is $43.56 and its two-hundred day moving average price is $43.30.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the prior year, the business posted $0.98 EPS. On average, equities analysts expect that OFG Bancorp will post 4.07 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

OFG Bancorp declared that its Board of Directors has approved a stock buyback program on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Foundry Partners LLC acquired a new stake in shares of OFG Bancorp in the 3rd quarter valued at approximately $6,038,000. Marshall Wace LLP acquired a new position in shares of OFG Bancorp during the 2nd quarter worth about $2,112,000. Intech Investment Management LLC increased its stake in shares of OFG Bancorp by 411.3% during the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after purchasing an additional 51,798 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of OFG Bancorp by 293.2% in 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 during the period. Finally, Barclays PLC lifted its stake in OFG Bancorp by 83.6% in 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 during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.