OFG Bancorp (NYSE:OFG) Receives "Buy (B)" Rating from Weiss Ratings

Key Points

• OFG Bancorp received a "Buy (B)" rating from Weiss Ratings, reaffirming positive investor sentiment towards the stock.
• Wells Fargo and Keefe, Bruyette & Woods have raised their price targets for OFG Bancorp to $48.00 and $50.00 respectively, suggesting confidence in the company's performance.
• The company's latest earnings report indicated an EPS of $1.15, surpassing analysts' expectations and reflecting a 1.6% increase in revenue year-over-year.

OFG Bancorp (NYSE:OFG - Get Free Report)'s stock had its "buy (b)" rating reaffirmed by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on OFG. Wells Fargo & Company raised their price objective on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.33.

OFG Bancorp Stock Down 0.1%

Shares of OFG stock traded down $0.04 during trading hours on Wednesday, reaching $42.61. The company had a trading volume of 5,618 shares, compared to its average volume of 308,424. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company has a market capitalization of $1.90 billion, a P/E ratio of 10.05 and a beta of 0.80. The stock's fifty day simple moving average is $43.58 and its 200 day simple moving average is $41.86.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (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 analyst estimates of $181.50 million. During the same quarter last year, the firm earned $1.08 earnings per share. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of OFG Bancorp

Several hedge funds have recently made changes to their positions in the stock. SummerHaven Investment Management LLC lifted its holdings in shares of OFG Bancorp by 1.7% in 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 last quarter. Wedge Capital Management L L P NC lifted its holdings in shares of OFG Bancorp by 1.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank's stock worth $1,130,000 after purchasing an additional 394 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of OFG Bancorp by 4.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank's stock worth $437,000 after purchasing an additional 396 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of OFG Bancorp by 1.2% in the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank's stock worth $1,838,000 after purchasing an additional 506 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of OFG Bancorp by 5.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank's stock worth $494,000 after purchasing an additional 547 shares during the last quarter. Institutional investors 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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