OFG Bancorp (NYSE:OFG) Given New $51.00 Price Target at Hovde Group

OFG Bancorp (NYSE:OFG) had its target price upped by Hovde Group from $44.00 to $51.00 in a research note released on Monday, MarketBeat.com reports. Hovde Group currently has an outperform rating on the bank’s stock.

Separately, Wells Fargo & Company reduced their price objective on OFG Bancorp from $41.00 to $40.00 and set an overweight rating for the company in a report on Wednesday, April 10th.

OFG Bancorp Trading Down 3.1 %

NYSE:OFG opened at $45.38 on Monday. The stock’s 50 day moving average price is $38.08 and its 200 day moving average price is $36.85. The company has a market capitalization of $2.13 billion, a PE ratio of 11.61 and a beta of 1.00. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.16. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $47.57.

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

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 28th. OFG Bancorp’s payout ratio is 25.58%.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 6,695 shares of OFG Bancorp stock in a transaction on 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 of the company’s stock, valued at $2,904,603.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC grew its position in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of OFG Bancorp in the second quarter valued at $90,000. EntryPoint Capital LLC acquired a new position in OFG Bancorp in the first quarter valued at $121,000. Lazard Asset Management LLC boosted its holdings in OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after acquiring an additional 2,804 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in OFG Bancorp by 23.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock valued at $338,000 after acquiring an additional 1,765 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.