OFG Bancorp (NYSE:OFG) Price Target Cut to $45.00 by Analysts at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its target price cut by Wells Fargo & Company from $49.00 to $45.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities analysts have also issued reports about the stock. 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 report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

OFG Bancorp Stock Down 0.3 %

NYSE OFG opened at $42.26 on Monday. The stock has a market capitalization of $1.94 billion, a P/E ratio of 10.28 and a beta of 1.02. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average of $43.56 and a 200-day moving average of $42.78.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data 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 return on equity of 15.69% and a net margin of 22.68%. The firm had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the previous year, the business earned $0.95 earnings per share. OFG Bancorp’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

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

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is presently 24.33%.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently made changes to their positions in OFG. Healthcare of Ontario Pension Plan Trust Fund bought a new position in OFG Bancorp during the 3rd quarter worth about $984,000. Raffles Associates LP boosted its position in shares of OFG Bancorp by 9.3% during the second quarter. Raffles Associates LP now owns 141,067 shares of the bank’s stock worth $5,283,000 after buying an additional 12,000 shares during the period. Foundry Partners LLC bought a new position in shares of OFG Bancorp during the third quarter worth about $6,038,000. State Street Corp raised its position in OFG Bancorp by 0.9% in the 3rd 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. Finally, Janney Montgomery Scott LLC bought a new stake in OFG Bancorp in the 3rd quarter valued at approximately $759,000. Institutional investors own 92.73% of the company’s stock.

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.