StockNews.com Lowers 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 report released on Saturday.

OFG has been the subject of several other research reports. Zacks Investment Research upgraded shares of 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. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Tuesday, January 4th.

Shares of OFG opened at $26.58 on Friday. OFG Bancorp has a 1-year low of $19.78 and a 1-year high of $30.93. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.92 and a quick ratio of 0.96. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 8.83 and a beta of 1.29. The company has a 50-day moving average of $26.84 and a 200 day moving average of $26.84.

OFG Bancorp (NYSE:OFG – Get Rating) last posted its quarterly earnings results on Thursday, April 21st. The bank reported $0.76 EPS for the quarter, beating the consensus estimate of $0.64 by $0.12. OFG Bancorp had a net margin of 26.28% and a return on equity of 14.53%. During the same period last year, the company posted $0.56 earnings per share. On average, equities analysts anticipate that OFG Bancorp will post 3.1 earnings per share for the current fiscal year.

In related news, Director Julian Inclan bought 6,000 shares of the company’s stock in a transaction 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 acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jorge Colon acquired 1,204 shares of the company’s stock in a transaction dated Wednesday, February 23rd. The stock was acquired at an average cost of $27.40 per share, for a total transaction of $32,989.60. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 26,419 shares of company stock worth $694,472. Insiders own 2.66% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in OFG. Marshall Wace North America L.P. purchased a new stake in shares of OFG Bancorp in the 1st quarter valued at $53,000. Morgan Stanley raised its position in OFG Bancorp by 63.4% during the second quarter. Morgan Stanley now owns 202,212 shares of the bank’s stock worth $4,472,000 after acquiring an additional 78,460 shares during the period. SG Americas Securities LLC acquired a new position in OFG Bancorp during the third quarter worth $2,077,000. Swiss National Bank raised its position in OFG Bancorp by 0.7% during the third quarter. Swiss National Bank now owns 114,100 shares of the bank’s stock worth $2,878,000 after acquiring an additional 800 shares during the period. Finally, Congress Asset Management Co. MA raised its position in OFG Bancorp by 1.2% during the third quarter. Congress Asset Management Co. MA now owns 73,296 shares of the bank’s stock worth $1,849,000 after acquiring an additional 872 shares during the period. 91.03% of the stock is currently owned by institutional investors and hedge funds.

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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