OFG Bancorp (NYSE:OFG) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

OFG Bancorp (NYSE:OFG) had its price target hoisted by analysts at Keefe, Bruyette & Woods from $49.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 17.88% from the company’s previous close.

A number of other research analysts have also recently commented on OFG. Wells Fargo & Company increased their price target on OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Sandler dropped their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

NYSE OFG traded down $0.16 on Wednesday, hitting $44.96. 43,964 shares of the company’s stock were exchanged, compared to its average volume of 240,233. The stock has a 50-day moving average of $43.13 and a 200-day moving average of $41.67. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 10.96 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the previous year, the company posted $0.95 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Analysts expect that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp declared that its Board of Directors has initiated a stock buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of OFG Bancorp

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after acquiring an additional 4,398 shares during the period. Barclays PLC grew its holdings in OFG Bancorp by 83.6% during the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after acquiring an additional 43,738 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in OFG Bancorp during the 3rd quarter worth about $1,271,000. XTX Topco Ltd grew its holdings in OFG Bancorp by 5.2% during the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after acquiring an additional 413 shares during the period. Finally, Jane Street Group LLC grew its holdings in OFG Bancorp by 32.1% during the 3rd quarter. Jane Street Group LLC now owns 82,203 shares of the bank’s stock worth $3,693,000 after acquiring an additional 19,963 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.