OFG Bancorp (NYSE:OFG) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded OFG Bancorp from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with a $55.20 price target.
• OFG Bancorp reported quarterly EPS of $1.39, exceeding the $1.17 analyst consensus, while revenue of $190.28 million also topped expectations.
• Insiders sold 66,352 shares worth approximately $3.49 million over the past 90 days, while institutional investors own 92.73% of the company’s stock.

OFG Bancorp (NYSE:OFG - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

A number of other brokerages also recently issued reports on OFG. Benchmark initiated coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a "hold" rating on the stock. Truist Financial raised their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. Wells Fargo & Company lifted their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Finally, Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $55.20.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $51.73 on Monday. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The firm has a fifty day simple moving average of $52.41 and a 200 day simple moving average of $47.31. The company has a market capitalization of $2.19 billion, a PE ratio of 10.18 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The business had revenue of $190.28 million for the quarter, compared to analysts' expectations of $182.64 million. During the same quarter in the prior year, the firm posted $1.15 earnings per share. On average, sell-side analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Fernandez sold 52,352 shares of the business's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Néstor de Jesús sold 4,000 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the transaction, the director owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of OFG Bancorp in the 2nd quarter worth $1,388,000. Deutsche Bank AG purchased a new stake in shares of OFG Bancorp in the second quarter valued at about $20,652,000. Dimensional Fund Advisors LP lifted its position in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank's stock valued at $103,811,000 after purchasing an additional 27,774 shares in the last quarter. Legal & General Group Plc bought a new position in shares of OFG Bancorp during the second quarter valued at about $4,651,000. Finally, Bank of America Corp DE boosted its holdings in OFG Bancorp by 28.4% during the first quarter. Bank of America Corp DE now owns 132,507 shares of the bank's stock worth $5,361,000 after purchasing an additional 29,269 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.

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