OFG Bancorp (NYSE:OFG) Price Target Cut to $48.00 by Analysts at Truist Financial

Key Points

• OFG Bancorp's price target was reduced from $50.00 to $48.00 by Truist Financial, while still maintaining a "buy" rating for the stock, indicating a potential upside of 22.08% from its previous close.
• Institutional investors hold approximately 92.73% of OFG Bancorp's stock, with notable increases in holdings by firms like EverSource Wealth Advisors and Quarry LP in recent quarters.
• In its latest quarterly earnings, OFG Bancorp reported $1.16 earnings per share, meeting analyst expectations, with a year-over-year revenue increase of 5.7%.

OFG Bancorp (NYSE:OFG - Get Free Report) had its price objective decreased by equities research analysts at Truist Financial from $50.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. Truist Financial's price target points to a potential upside of 22.08% from the stock's previous close.

A number of other analysts also recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OFG Bancorp in a research note on Wednesday, October 8th. UBS Group set a $50.00 target price on OFG Bancorp in a research note on Thursday, October 9th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Wells Fargo & Company raised their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $48.00.

OFG Bancorp Price Performance

OFG stock traded down $0.28 during midday trading on Thursday, reaching $39.32. The stock had a trading volume of 33,887 shares, compared to its average volume of 305,276. The company's fifty day simple moving average is $43.48 and its 200 day simple moving average is $42.02. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 9.28 and a beta of 0.80. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting analysts' consensus estimates of $1.16. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%.The company had revenue of $184.00 million for the quarter, compared to analyst estimates of $186.71 million. During the same quarter last year, the firm posted $1.00 EPS. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $97,000. Quarry LP increased its holdings in shares of OFG Bancorp by 458.9% in the first quarter. Quarry LP now owns 2,666 shares of the bank's stock valued at $107,000 after purchasing an additional 2,189 shares during the period. Quantbot Technologies LP acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $162,000. Finally, Smith Shellnut Wilson LLC ADV acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $209,000. 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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