OFG Bancorp (NYSE:OFG) Stock Rating Lowered by Wells Fargo & Company

OFG Bancorp (NYSE:OFG) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, Marketbeat reports. They presently have a $42.00 price target on the bank’s stock, down from their previous price target of $48.00. Wells Fargo & Company‘s price target points to a potential upside of 19.99% from the company’s previous close.

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

OFG Bancorp Trading Down 5.3 %

Shares of OFG stock opened at $35.00 on Wednesday. The company has a market cap of $1.59 billion, a PE ratio of 8.29 and a beta of 0.74. The business’s 50 day moving average is $40.46 and its two-hundred day moving average is $42.18. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. 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 released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share 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 period last year, the company posted $0.98 EPS. Equities analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

Hedge Funds Weigh In On OFG Bancorp

Several large investors have recently added to or reduced their stakes in OFG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of OFG Bancorp during the 4th quarter valued at $7,289,000. Bridgeway Capital Management LLC bought a new stake in shares of OFG Bancorp during the 4th quarter worth $5,205,000. Empowered Funds LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth about $4,570,000. Foundry Partners LLC boosted its stake in OFG Bancorp by 76.5% in the fourth quarter. Foundry Partners LLC now owns 237,264 shares of the bank’s stock worth $10,041,000 after buying an additional 102,841 shares in the last quarter. Finally, Tudor Investment Corp ET AL grew its holdings in shares of OFG Bancorp by 139.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank’s stock valued at $7,470,000 after purchasing an additional 102,680 shares during the last quarter. Institutional investors 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.