OFG Bancorp (NYSE:OFG) Downgraded to Equal Weight Rating by Wells Fargo & Company

OFG Bancorp (NYSE:OFG) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday,Finviz reports. They currently have a $42.00 price objective on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 21.05% from the stock’s current price.

Separately, Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd.

OFG Bancorp Trading Down 0.6 %

Shares of OFG Bancorp stock opened at $34.70 on Wednesday. The firm’s 50 day moving average is $40.85 and its 200 day moving average is $42.34. The firm has a market capitalization of $1.58 billion, a PE ratio of 8.22 and a beta of 0.74. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. 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 (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping 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 quarter in the previous year, the firm earned $0.98 EPS. Equities research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of OFG Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of OFG Bancorp by 196.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after acquiring an additional 680 shares during the period. R Squared Ltd bought a new stake in OFG Bancorp in the fourth quarter valued at approximately $44,000. Meeder Asset Management Inc. acquired a new stake in OFG Bancorp during the 4th quarter valued at approximately $44,000. Finally, Blue Trust Inc. raised its holdings in OFG Bancorp by 84.8% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock worth $93,000 after purchasing an additional 946 shares during 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.