OFG Bancorp (NYSE:OFG) PT Lowered to $40.00 at Wells Fargo & Company

OFG Bancorp (NYSE:OFG - Get Free Report) had its target price lowered by Wells Fargo & Company from $41.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price target suggests a potential upside of 15.14% from the company's current price.

OFG Bancorp Trading Down 4.0 %

OFG traded down $1.44 during mid-day trading on Wednesday, reaching $34.74. The stock had a trading volume of 212,538 shares, compared to its average volume of 249,318. The stock has a market capitalization of $1.64 billion, a P/E ratio of 9.09 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84. The firm's fifty day simple moving average is $36.07 and its two-hundred day simple moving average is $34.50. OFG Bancorp has a 52 week low of $22.34 and a 52 week high of $39.04.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. The firm had revenue of $208.26 million for the quarter, compared to analyst estimates of $172.50 million. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. During the same period last year, the company earned $0.97 EPS. On average, equities analysts predict that OFG Bancorp will post 3.75 EPS for the current year.

Insider Buying and Selling

In other OFG Bancorp news, insider Ganesh Kumar sold 9,071 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78. Following the completion of the transaction, the insider now owns 144,502 shares in the company, valued at approximately $5,083,580.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 34,536 shares of company stock valued at $1,238,317. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in OFG Bancorp by 0.3% during the first quarter. BlackRock Inc. now owns 7,235,843 shares of the bank's stock worth $192,763,000 after purchasing an additional 21,245 shares during the period. Dimensional Fund Advisors LP grew its holdings in OFG Bancorp by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,837,923 shares of the bank's stock worth $102,243,000 after purchasing an additional 37,270 shares during the period. State Street Corp grew its holdings in OFG Bancorp by 6.9% during the first quarter. State Street Corp now owns 2,301,099 shares of the bank's stock worth $61,646,000 after purchasing an additional 148,014 shares during the period. JPMorgan Chase & Co. grew its holdings in OFG Bancorp by 5.0% during the first quarter. JPMorgan Chase & Co. now owns 1,442,422 shares of the bank's stock worth $35,973,000 after purchasing an additional 68,968 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in OFG Bancorp by 0.4% during the fourth quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank's stock worth $52,466,000 after purchasing an additional 5,555 shares during the period. 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.