OFG Bancorp (NYSE:OFG) Coverage Initiated at Truist Financial

Key Points

• Truist Financial has initiated coverage on OFG Bancorp, setting a "buy" rating and a price target of $50.00, indicating a potential upside of 16.39% from the current stock price.
• OFG Bancorp reported a quarterly EPS of $1.15, exceeding analysts' expectations, and showed a revenue increase of 1.6% compared to the previous year.
• Overall, the stock has received a consensus rating of "Moderate Buy" from analysts, with a majority issuing a buy rating.

Research analysts at Truist Financial initiated coverage on shares of OFG Bancorp (NYSE:OFG - Get Free Report) in a report issued on Thursday, Marketbeat Ratings reports. The firm set a "buy" rating and a $50.00 price target on the bank's stock. Truist Financial's target price points to a potential upside of 16.39% from the company's current price.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Wells Fargo & Company upped their price target on OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, UBS Group set a $50.00 price objective on OFG Bancorp in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.33.

OFG Bancorp Stock Performance

OFG opened at $42.96 on Thursday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66. 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 firm has a fifty day moving average price of $43.58 and a 200 day moving average price of $41.86. The stock has a market cap of $1.91 billion, a P/E ratio of 10.13 and a beta of 0.80.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The business had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same period in the previous year, the business earned $1.08 earnings per share. The business's revenue was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC grew its position in OFG Bancorp by 18.5% in the 1st quarter. Wedge Capital Management L L P NC now owns 26,015 shares of the bank's stock valued at $1,041,000 after buying an additional 4,056 shares during the last quarter. SG Americas Securities LLC lifted its position in OFG Bancorp by 182.9% in the first quarter. SG Americas Securities LLC now owns 30,590 shares of the bank's stock valued at $1,224,000 after purchasing an additional 19,777 shares during the period. SummerHaven Investment Management LLC increased its position in OFG Bancorp by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock worth $821,000 after purchasing an additional 337 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of OFG Bancorp by 11.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after buying an additional 3,702 shares during the period. Finally, 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 worth $909,000 after acquiring an additional 6,814 shares during the period. Institutional investors and hedge funds 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.

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