OFG Bancorp (NYSE:OFG) Price Target Cut to $47.00

OFG Bancorp (NYSE:OFG) had its target price reduced by Piper Sandler from $49.00 to $47.00 in a report released on Thursday, Marketbeat reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price would indicate a potential upside of 15.24% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Hovde Group lifted their target price on shares of OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd.

OFG Bancorp Stock Down 1.9 %

NYSE:OFG opened at $40.79 on Thursday. The firm’s 50 day simple moving average is $43.69 and its 200 day simple moving average is $40.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a one year low of $28.32 and a one year high of $47.57. The company has a market cap of $1.90 billion, a PE ratio of 10.05 and a beta of 0.98.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The business had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the prior year, the business earned $0.95 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts anticipate that OFG Bancorp will post 4.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction on Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the completion of the sale, the director now owns 70,919 shares in the company, valued at $3,243,125.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.16% of the company’s stock.

Institutional Trading of OFG Bancorp

Several hedge funds have recently modified their holdings of OFG. Goldman Sachs Group Inc. increased its stake in shares of OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after acquiring an additional 225,666 shares in the last quarter. American Century Companies Inc. increased its stake in shares of OFG Bancorp by 16.5% in the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after acquiring an additional 136,813 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of OFG Bancorp by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after acquiring an additional 63,883 shares in the last quarter. Marshall Wace LLP acquired a new stake in OFG Bancorp in the 2nd quarter valued at $2,112,000. Finally, X Square Capital LLC grew its position in OFG Bancorp by 46.7% in the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock valued at $6,256,000 after purchasing an additional 53,190 shares during the period. Institutional investors 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.