Wells Fargo & Company Forecasts Strong Price Appreciation for OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) had its target price lifted by equities researchers at Wells Fargo & Company from $48.00 to $49.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 8.00% from the stock’s previous close.

Separately, Piper Sandler cut 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 report on Thursday, October 17th.

OFG Bancorp Trading Up 0.6 %

Shares of OFG stock opened at $45.37 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $2.08 billion, a P/E ratio of 10.96 and a beta of 1.02. The stock has a 50 day simple moving average of $43.13 and a 200 day simple moving average of $41.67. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66.

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

OFG Bancorp declared that its board has initiated a share repurchase plan on Monday, October 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its holdings in shares of OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock valued at $98,354,000 after buying an additional 19,372 shares during the last quarter. Geode Capital Management LLC raised its position in shares of OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock valued at $48,565,000 after purchasing an additional 4,398 shares during the period. American Century Companies Inc. raised its position in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares during the period. Wellington Management Group LLP raised its position in shares of OFG Bancorp by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock valued at $34,576,000 after purchasing an additional 19,599 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of OFG Bancorp by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock valued at $19,157,000 after purchasing an additional 2,757 shares during the period. Hedge funds and other 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.