Keefe, Bruyette & Woods Issues Pessimistic Forecast for OFG Bancorp (NYSE:OFG) Stock Price

Key Points

• Keefe, Bruyette & Woods has downgraded its target price for OFG Bancorp from $51.00 to $50.00, while maintaining an "outperform" rating, indicating a potential upside of 26.47% from the current price.
• Despite some downgrades, the average analyst rating for OFG Bancorp remains a "Moderate Buy" with a target price of $48.00, supported by multiple analysts giving buy and hold ratings.
• OFG Bancorp reported earnings of $1.16 per share for the most recent quarter, meeting expectations, with a revenue of $184 million, slightly below analyst forecasts.

OFG Bancorp (NYSE:OFG - Get Free Report) had its target price lowered by Keefe, Bruyette & Woods from $51.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' target price points to a potential upside of 26.47% from the stock's current price.

A number of other brokerages also recently weighed in on OFG. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Truist Financial decreased their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a "buy" rating on the stock in a research report on Thursday. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of OFG Bancorp to a "hold" rating in a research report on Friday, October 10th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and an average price target of $48.00.

OFG Bancorp Stock Performance

NYSE:OFG traded down $0.07 during midday trading on Thursday, reaching $39.54. The stock had a trading volume of 52,009 shares, compared to its average volume of 305,382. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm's fifty day simple moving average is $43.48 and its 200-day simple moving average is $42.02. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $1.76 billion, a P/E ratio of 9.32 and a beta of 0.80.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.16. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The business had revenue of $184.00 million for the quarter, compared to analyst estimates of $186.71 million. During the same period last year, the business posted $1.00 EPS. OFG Bancorp's revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Institutional Investors Weigh In On OFG Bancorp

Several institutional investors have recently modified their holdings of OFG. Allspring Global Investments Holdings LLC grew its holdings in OFG Bancorp by 42.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after purchasing an additional 6,814 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in OFG Bancorp by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after purchasing an additional 3,702 shares during the period. Hsbc Holdings PLC grew its holdings in OFG Bancorp by 76.3% during the first quarter. Hsbc Holdings PLC now owns 27,083 shares of the bank's stock valued at $1,083,000 after purchasing an additional 11,725 shares during the period. Principal Financial Group Inc. grew its holdings in OFG Bancorp by 3.2% during the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after purchasing an additional 8,050 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in OFG Bancorp during the first quarter valued at approximately $1,240,000. Institutional investors and hedge funds 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.

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