Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) had its price target hoisted by investment analysts at Keefe, Bruyette & Woods from $48.00 to $50.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 11.31% from the company’s current price.

Several other analysts have also commented on the company. Hovde Group cut 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. Wells Fargo & Company lifted their price objective on OFG Bancorp from $42.00 to $48.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Wall Street Zen lowered OFG Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 12th. Finally, Piper Sandler cut their price objective on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, OFG Bancorp presently has an average rating of “Moderate Buy” and an average target price of $47.50.

OFG Bancorp Stock Down 1.2%

OFG stock opened at $44.92 on Friday. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The firm has a market cap of $2.02 billion, a PE ratio of 10.59 and a beta of 0.75. The business has a 50 day moving average of $42.57 and a 200 day moving average of $41.25.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.10. The company had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the company earned $1.08 EPS. On average, research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Insider Transactions at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 5,000 shares of the business’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the transaction, the chief financial officer directly owned 63,470 shares in the company, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in OFG Bancorp by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank’s stock valued at $67,561,000 after purchasing an additional 35,960 shares during the period. American Century Companies Inc. raised its position in OFG Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank’s stock valued at $50,850,000 after purchasing an additional 102,755 shares during the period. Nuveen Asset Management LLC raised its position in OFG Bancorp by 0.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank’s stock valued at $50,267,000 after purchasing an additional 9,658 shares during the period. Nuveen LLC purchased a new stake in OFG Bancorp during the first quarter valued at approximately $44,749,000. Finally, JPMorgan Chase & Co. raised its position in OFG Bancorp by 5.0% during the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank’s stock valued at $37,836,000 after purchasing an additional 42,335 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

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.