OFG Bancorp (NYSE:OFG) Price Target Cut to $44.00 by Analysts at Truist Financial

OFG Bancorp (NYSE:OFG) had its target price cut by Truist Financial from $48.00 to $44.00 in a research note issued to investors on Monday morning, Marketbeat Ratings reports. They currently have a buy rating on the bank’s stock.

OFG has been the topic of a number of other research reports. Piper Sandler started coverage on OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price target on the stock. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Wells Fargo & Company dropped their target price on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Finally, UBS Group set a $50.00 price target on shares of OFG Bancorp in a report on Thursday, October 9th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.83.

OFG Bancorp Stock Performance

OFG stock opened at $37.15 on Monday. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11. The firm’s 50-day moving average is $40.95 and its 200 day moving average is $42.09. The company has a market capitalization of $1.63 billion, a PE ratio of 8.11 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. The business had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 EPS. On average, research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. OFG Bancorp’s dividend payout ratio is presently 26.20%.

Insiders Place Their Bets

In related news, Director Jesus Nestor De sold 2,000 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total transaction of $84,620.00. Following the transaction, the director directly owned 22,690 shares in the company, valued at $960,013.90. The trade was a 8.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the transaction, the chief executive officer owned 184,675 shares in the company, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 62,500 shares of company stock worth $2,564,302. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

Several large investors have recently added to or reduced their stakes in OFG. Penn Capital Management Company LLC raised its stake in shares of OFG Bancorp by 1.6% in the third quarter. Penn Capital Management Company LLC now owns 18,870 shares of the bank’s stock worth $821,000 after purchasing an additional 303 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in OFG Bancorp by 1.9% in the second 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. Police & Firemen s Retirement System of New Jersey increased its holdings in OFG Bancorp by 4.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after buying an additional 396 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position 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 worth $1,435,000 after buying an additional 500 shares during the last quarter. Finally, California State Teachers Retirement System lifted its stake 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 acquiring an additional 506 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.