StockNews.com Downgrades OFG Bancorp (NYSE:OFG) to Buy

OFG Bancorp (NYSE:OFG – Get Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.

Other analysts have also issued research reports about the company. Hovde Group started coverage on OFG Bancorp in a report on Monday, December 20th. They issued an “outperform” rating and a $32.00 price target for the company. Wells Fargo & Company boosted their price target on OFG Bancorp from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, January 4th. Finally, Zacks Investment Research upgraded OFG Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Friday, April 1st.

Shares of NYSE:OFG opened at $26.02 on Tuesday. OFG Bancorp has a 1 year low of $19.78 and a 1 year high of $30.93. The business has a 50 day simple moving average of $27.19 and a two-hundred day simple moving average of $26.78. The firm has a market capitalization of $1.27 billion, a PE ratio of 9.26 and a beta of 1.29. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.97 and a quick ratio of 0.96.

OFG Bancorp (NYSE:OFG – Get Rating) last announced its earnings results on Wednesday, January 19th. The bank reported $0.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.12). The business had revenue of $140.95 million for the quarter, compared to analysts’ expectations of $137.10 million. OFG Bancorp had a net margin of 25.17% and a return on equity of 13.94%. During the same quarter last year, the firm earned $0.58 EPS. Equities research analysts expect that OFG Bancorp will post 2.88 EPS for the current fiscal year.

In related news, Director Jorge Colon acquired 1,204 shares of the firm’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was purchased at an average cost of $27.40 per share, for a total transaction of $32,989.60. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Julian Inclan acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 3rd. The shares were bought at an average price of $26.95 per share, with a total value of $161,700.00. The disclosure for this purchase can be found here. Corporate insiders own 2.66% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OFG. Marshall Wace North America L.P. purchased a new stake in shares of OFG Bancorp during the 1st quarter worth $53,000. Teacher Retirement System of Texas purchased a new stake in OFG Bancorp in the third quarter valued at about $209,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in OFG Bancorp in the fourth quarter valued at about $244,000. C M Bidwell & Associates Ltd. purchased a new stake in OFG Bancorp in the fourth quarter valued at about $261,000. Finally, Everence Capital Management Inc. purchased a new stake in OFG Bancorp in the first quarter valued at about $307,000. Hedge funds and other institutional investors own 91.03% of the company’s stock.

About OFG Bancorp (Get Rating)

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, as well as time deposit products; commercial, consumer, auto, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services.

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