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

OFG Bancorp (NYSE:OFG) had its price target raised by research analysts at Wells Fargo & Company from $45.00 to $49.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 0.99% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Truist Financial upped their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, OFG Bancorp currently has a consensus rating of “Hold” and a consensus target price of $48.00.

OFG Bancorp Trading Up 0.0%

Shares of OFG stock opened at $49.49 on Monday. The business’s fifty day moving average price is $46.37 and its 200 day moving average price is $42.94. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $50.66. The firm has a market capitalization of $2.09 billion, a PE ratio of 10.22 and a beta of 0.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The company had revenue of $185.80 million for the quarter. As a group, sell-side analysts forecast that OFG Bancorp will post 4.75 EPS for the current fiscal year.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of OFG Bancorp in the third quarter worth $35,000. EverSource Wealth Advisors LLC boosted its stake in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp during the second quarter valued at $97,000. Royal Bank of Canada increased its position in OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after purchasing an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in OFG Bancorp during the 2nd quarter worth about $162,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

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.