OFG Bancorp (NYSE:OFG) Given New $53.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target for OFG Bancorp from $55 to $53 and maintained an “equal weight” rating, implying about 3.27% upside from the current share price.
• Analyst sentiment is broadly cautious: two analysts rate the stock a Buy and five a Hold, with a consensus price target of $56.
• OFG reported quarterly EPS of $1.33, beating the $1.23 consensus estimate; revenue of $185.75 million came in below the $187.11 million forecast.

OFG Bancorp (NYSE:OFG - Get Free Report) had its price target dropped by equities research analysts at Wells Fargo & Company from $55.00 to $53.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's target price suggests a potential upside of 3.27% from the stock's current price.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded OFG Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a "hold" rating for the company. Weiss Ratings cut OFG Bancorp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Truist Financial lifted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $56.00.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $51.32 on Monday. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 9.78 and a beta of 0.74. The company's 50 day moving average is $51.60 and its 200 day moving average is $46.97. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.30. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The bank reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.10. The company had revenue of $185.75 million during the quarter, compared to the consensus estimate of $187.11 million. OFG Bancorp had a net margin of 24.64% and a return on equity of 16.38%. On average, sell-side analysts anticipate that OFG Bancorp will post 5.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Néstor de Jesús sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director owned 20,040 shares in the company, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the company's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.23% of the company's stock.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently bought and sold shares of OFG. Maryland State Retirement & Pension System raised its holdings in OFG Bancorp by 53.6% during the third quarter. Maryland State Retirement & Pension System now owns 9,438 shares of the bank's stock worth $473,000 after purchasing an additional 3,292 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of OFG Bancorp during the 3rd quarter worth approximately $2,113,000. Unison Advisors LLC lifted its position in shares of OFG Bancorp by 0.7% during the 3rd quarter. Unison Advisors LLC now owns 31,239 shares of the bank's stock worth $1,575,000 after buying an additional 217 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of OFG Bancorp by 7.1% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 30,287 shares of the bank's stock valued at $1,517,000 after buying an additional 2,000 shares in the last quarter. Finally, Carolina Wealth Advisors LLC boosted its holdings in shares of OFG Bancorp by 8.0% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 7,049 shares of the bank's stock valued at $353,000 after buying an additional 522 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, it provides banking services to individuals, businesses and government entities, including deposit accounts, consumer and commercial loans, mortgage lending, auto financing and cash management.

The company also offers investment and wealth-management services through Oriental Financial Services, as well as insurance products. Its operations primarily serve customers in Puerto Rico and the U.S.

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