OFG Bancorp (NYSE:OFG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

OFG Bancorp (NYSE:OFG) had its target price boosted by analysts at Wells Fargo & Company from $45.00 to $48.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 8.18% from the company’s previous close.

OFG has been the topic of a number of other research reports. Piper Sandler dropped their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday.

OFG Bancorp Stock Performance

OFG opened at $44.37 on Thursday. The firm’s 50-day moving average price is $43.58 and its 200-day moving average price is $43.22. The company has a market cap of $2.04 billion, a P/E ratio of 10.80 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. During the same quarter last year, the firm earned $0.98 EPS. As a group, equities analysts anticipate that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp declared that its board has authorized a stock repurchase plan on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the transaction, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of OFG Bancorp in the 3rd quarter worth approximately $984,000. Foundry Partners LLC purchased a new stake in shares of OFG Bancorp in the 3rd quarter valued at $6,038,000. State Street Corp grew its position in OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after acquiring an additional 19,372 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in OFG Bancorp during the third quarter worth about $759,000. Finally, Algert Global LLC lifted its position in shares of OFG Bancorp by 14.0% during the second quarter. Algert Global LLC now owns 161,684 shares of the bank’s stock worth $6,055,000 after purchasing an additional 19,838 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.