OFG Bancorp (NYSE:OFG) Price Target Cut to $50.00 by Analysts at Hovde Group

OFG Bancorp (NYSE:OFG - Get Free Report) had its price objective lowered by equities researchers at Hovde Group from $53.50 to $50.00 in a note issued to investors on Thursday, Marketbeat reports. The firm currently has an "outperform" rating on the bank's stock. Hovde Group's target price would suggest a potential upside of 26.17% from the company's previous close.

OFG has been the subject of a number of other research reports. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $48.00 to $42.00 in a report on Wednesday, April 9th. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd.

OFG Bancorp Trading Up 1.7 %

Shares of NYSE OFG traded up $0.65 during midday trading on Thursday, hitting $39.63. 90,880 shares of the company traded hands, compared to its average volume of 402,967. The stock has a 50-day moving average price of $38.88 and a 200 day moving average price of $41.59. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market cap of $1.80 billion, a P/E ratio of 9.39 and a beta of 0.74. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. The business had revenue of $178.30 million during the quarter, compared to analysts' expectations of $175.35 million. During the same period in the prior year, the company earned $1.05 earnings per share. As a group, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in OFG. Principal Financial Group Inc. increased 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 buying an additional 8,050 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of OFG Bancorp by 42.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after acquiring 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. SummerHaven Investment Management LLC increased its position in OFG Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock worth $821,000 after buying an additional 337 shares in the last quarter. Finally, SG Americas Securities LLC increased 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 worth $1,224,000 after buying an additional 19,777 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, 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.