Piper Sandler Cuts OFG Bancorp (NYSE:OFG) Price Target to $47.00

OFG Bancorp (NYSE:OFG) had its target price cut by Piper Sandler from $49.00 to $47.00 in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have an overweight rating on the bank’s stock.

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

OFG Bancorp Price Performance

OFG stock opened at $40.76 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a 52-week low of $28.32 and a 52-week high of $47.57. The company has a market capitalization of $1.90 billion, a P/E ratio of 10.04 and a beta of 0.98. The company has a fifty day moving average price of $43.69 and a 200-day moving average price of $40.09.

OFG Bancorp (NYSE:OFG) last announced 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). The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, equities analysts expect that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is 24.63%.

Insider Activity

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the firm’s 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 directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

Several large investors have recently made changes to their positions in OFG. Goldman Sachs Group Inc. boosted its holdings in OFG Bancorp by 58.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after acquiring an additional 225,666 shares in the last quarter. American Century Companies Inc. raised its position in shares of OFG Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after purchasing an additional 136,813 shares during the period. Vanguard Group Inc. lifted its holdings 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 worth $217,433,000 after purchasing 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 increased its stake in OFG Bancorp by 46.7% during 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 in the last quarter. 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.