OFG Bancorp (NYSE:OFG) Upgraded to Hold at Wall Street Zen

OFG Bancorp (NYSE:OFG) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities analysts have also issued reports about the company. Piper Sandler dropped their price target on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company lowered OFG Bancorp from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Hovde Group decreased their price objective on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price objective on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.50.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $40.92 on Friday. The stock’s 50 day moving average is $40.33 and its 200 day moving average is $41.17. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market cap of $1.84 billion, a P/E ratio of 9.81 and a beta of 0.75. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. The business had revenue of $178.30 million during the quarter, compared to analyst estimates of $175.35 million. During the same period last year, the firm posted $1.05 earnings per share. As a group, research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

Insider Activity

In related news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the sale, the chief financial officer now directly owns 63,470 shares of the company’s stock, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SummerHaven Investment Management LLC raised its position in OFG Bancorp by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank’s stock valued at $821,000 after buying an additional 337 shares during the last quarter. TD Waterhouse Canada Inc. grew its stake in OFG Bancorp by 1.8% in the 4th quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank’s stock valued at $890,000 after purchasing an additional 369 shares during the period. Prudential Financial Inc. grew its stake in OFG Bancorp by 0.5% in the 4th quarter. Prudential Financial Inc. now owns 67,999 shares of the bank’s stock valued at $2,878,000 after purchasing an additional 370 shares during the period. Bank of Montreal Can grew its stake in OFG Bancorp by 9.0% in the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank’s stock valued at $224,000 after purchasing an additional 438 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.