OFG Bancorp (NYSE:OFG) Price Target Raised to $48.00 at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price objective increased by Wells Fargo & Company from $40.00 to $48.00 in a research report report published on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

Separately, Hovde Group upped their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an outperform rating in a research report on Monday.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $46.15 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.85 and a current ratio of 0.87. The business has a 50-day simple moving average of $38.24 and a two-hundred day simple moving average of $36.91. OFG Bancorp has a fifty-two week low of $28.18 and a fifty-two week high of $47.57. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 11.80 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The business had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. During the same period in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.25 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.17%. OFG Bancorp’s dividend payout ratio (DPR) is 25.58%.

Insider Buying and Selling

In other OFG Bancorp news, insider Ganesh Kumar sold 6,695 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $37.93, for a total value of $253,941.35. Following the completion of the sale, the insider now owns 76,578 shares in the company, valued at $2,904,603.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.11% of the stock is owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently modified their holdings of OFG. SG Americas Securities LLC lifted its stake in shares of OFG Bancorp by 1.5% during the 4th quarter. SG Americas Securities LLC now owns 22,002 shares of the bank’s stock valued at $825,000 after buying an additional 329 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of OFG Bancorp by 6.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,645 shares of the bank’s stock valued at $1,036,000 after acquiring an additional 1,725 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of OFG Bancorp in the fourth quarter worth about $881,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of OFG Bancorp by 7.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,890 shares of the bank’s stock worth $483,000 after purchasing an additional 931 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in OFG Bancorp by 13.8% during the 4th quarter. Federated Hermes Inc. now owns 143,271 shares of the bank’s stock valued at $5,370,000 after purchasing an additional 17,384 shares during the period. 92.73% of the stock is currently owned by 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.