OFG Bancorp (NYSE:OFG) Price Target Lowered to $43.00 at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price objective lowered by Wells Fargo & Company from $48.00 to $43.00 in a research report sent to investors on Monday, MarketBeat Ratings reports. The brokerage currently has an equal weight rating on the bank’s stock.

A number of other research firms also recently weighed in on OFG. Keefe, Bruyette & Woods reduced their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. Zacks Research raised OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Finally, Truist Financial reduced their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, OFG Bancorp has an average rating of “Moderate Buy” and a consensus target price of $47.17.

OFG Bancorp Price Performance

NYSE OFG opened at $39.01 on Monday. The business has a 50 day simple moving average of $43.26 and a 200 day simple moving average of $42.18. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.85. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 8.87 and a beta of 0.80.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm had revenue of $184.00 million during the quarter, compared to the consensus estimate of $186.71 million. During the same quarter in the prior year, the firm posted $1.00 EPS. The business’s revenue was up 5.7% on a year-over-year basis. Analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 30th. OFG Bancorp’s dividend payout ratio is presently 27.27%.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently made changes to their positions in the stock. SummerHaven Investment Management LLC boosted its holdings in shares of OFG Bancorp by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 20,898 shares of the bank’s stock valued at $894,000 after buying an additional 391 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in OFG Bancorp by 1.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock valued at $1,130,000 after purchasing an additional 394 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in OFG Bancorp by 4.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after purchasing an additional 396 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in OFG Bancorp by 1.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 500 shares during the last quarter. Finally, California State Teachers Retirement System lifted its holdings in OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after purchasing an additional 506 shares during the last quarter. Institutional investors and hedge funds 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.