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

OFG Bancorp (NYSE:OFG) had its target price upped by Wells Fargo & Company from $48.00 to $49.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Separately, Piper Sandler dropped their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Stock Performance

Shares of OFG opened at $45.00 on Tuesday. OFG Bancorp has a one year low of $33.19 and a one year high of $47.66. The company has a market cap of $2.07 billion, a PE ratio of 10.95 and a beta of 1.02. The stock has a 50-day moving average of $43.16 and a 200-day moving average of $41.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data 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 net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the prior year, the firm earned $0.95 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp announced that its board has approved a share repurchase plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.22%. OFG Bancorp’s payout ratio is 24.33%.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently bought and sold shares of the company. CWM LLC boosted its stake in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after buying an additional 1,112 shares during the last quarter. SG Americas Securities LLC lifted its holdings in OFG Bancorp by 30.4% during the second quarter. SG Americas Securities LLC now owns 22,574 shares of the bank’s stock worth $845,000 after acquiring an additional 5,269 shares during the period. Diversified Trust Co boosted its position in OFG Bancorp by 5.3% in the second quarter. Diversified Trust Co now owns 14,143 shares of the bank’s stock worth $530,000 after purchasing an additional 718 shares during the last quarter. Summit Global Investments grew its stake in OFG Bancorp by 48.6% in the 2nd quarter. Summit Global Investments now owns 30,187 shares of the bank’s stock valued at $1,131,000 after purchasing an additional 9,875 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of OFG Bancorp during the 2nd quarter valued at $90,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.