OFG Bancorp (NYSE:OFG) Stock Rating Lowered by Zacks Research

OFG Bancorp (NYSE:OFG) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

A number of other equities research analysts have also recently weighed in on OFG. Benchmark assumed coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating for the company. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Finally, Truist Financial boosted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, OFG Bancorp presently has a consensus rating of “Hold” and an average price target of $55.20.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $51.73 on Monday. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $54.47. The business’s fifty day simple moving average is $52.41 and its 200-day simple moving average is $47.31. The firm has a market cap of $2.19 billion, a PE ratio of 10.18 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the company earned $1.15 EPS. Equities analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current year.

Insider Transactions at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This trade represents a 25.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors have recently modified their holdings of OFG. Engineers Gate Manager LP increased its holdings in OFG Bancorp by 60.7% in the second quarter. Engineers Gate Manager LP now owns 42,084 shares of the bank’s stock valued at $2,065,000 after buying an additional 15,902 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in OFG Bancorp during the 2nd quarter worth about $57,000. Squarepoint Ops LLC boosted its position in shares of OFG Bancorp by 12.9% during the 2nd quarter. Squarepoint Ops LLC now owns 229,218 shares of the bank’s stock worth $11,248,000 after acquiring an additional 26,278 shares in the last quarter. Allworth Financial LP boosted its position in shares of OFG Bancorp by 186.2% during the 2nd quarter. Allworth Financial LP now owns 641 shares of the bank’s stock worth $31,000 after acquiring an additional 417 shares in the last quarter. Finally, Nykredit A S purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at about $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, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.