OFG Bancorp (NYSE:OFG) Stock Gets Price Target Cut from Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price objective reduced by Wells Fargo & Company from $55.00 to $53.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Several other research firms also recently weighed in on OFG. Weiss Ratings downgraded OFG Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, November 4th. Benchmark started coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating for the company. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Truist Financial raised their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.00.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $51.18 on Monday. The company’s 50-day moving average price is $51.54 and its 200-day moving average price is $47.14. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.30. The company has a market cap of $2.14 billion, a PE ratio of 9.75 and a beta of 0.74. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.10. OFG Bancorp had a net margin of 24.64% and a return on equity of 16.38%. The firm had revenue of $185.75 million during the quarter, compared to the consensus estimate of $187.11 million. On average, equities research analysts forecast that OFG Bancorp will post 5.32 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $0.40 dividend. The ex-dividend date is Thursday, December 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is currently 30.48%.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently added to or reduced their stakes in OFG. NorthCrest Asset Manangement LLC grew its stake in OFG Bancorp by 0.7% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 29,904 shares of the bank’s stock worth $1,523,000 after acquiring an additional 208 shares in the last quarter. Unison Advisors LLC increased its position in shares of OFG Bancorp by 0.7% during the third quarter. Unison Advisors LLC now owns 31,239 shares of the bank’s stock worth $1,575,000 after acquiring an additional 217 shares during the period. Allworth Financial LP raised its stake in shares of OFG Bancorp by 186.2% during the second quarter. Allworth Financial LP now owns 641 shares of the bank’s stock valued at $31,000 after acquiring an additional 417 shares in the last quarter. Carolina Wealth Advisors LLC raised its stake in shares of OFG Bancorp by 8.0% during the third quarter. Carolina Wealth Advisors LLC now owns 7,049 shares of the bank’s stock valued at $353,000 after acquiring an additional 522 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $43,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, it provides banking services to individuals, businesses and government entities, including deposit accounts, consumer and commercial loans, mortgage lending, auto financing and cash management. The company also offers investment and wealth-management services through Oriental Financial Services, as well as insurance products. Its operations primarily serve customers in Puerto Rico and the U.S. Virgin Islands.