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

OFG Bancorp (NYSE:OFG - Get Free Report)'s stock had its "buy (b)" rating restated by investment analysts at Weiss Ratings in a research note issued to investors on Saturday,Weiss Ratings reports.

Several other research firms have also weighed in on OFG. UBS Group set a $50.00 price target on OFG Bancorp in a research report on Thursday, October 9th. Keefe, Bruyette & Woods dropped their price target on OFG Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday. Truist Financial lowered their price objective on OFG Bancorp from $50.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday. Zacks Research upgraded OFG Bancorp to a "hold" rating in a research note on Friday, October 10th. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, OFG Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.00.

OFG Bancorp Trading Up 1.3%

NYSE OFG opened at $39.69 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The firm has a market capitalization of $1.77 billion, a PE ratio of 9.02 and a beta of 0.80. The stock's 50 day moving average is $43.34 and its 200 day moving average is $42.13.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The company had revenue of $184.00 million for the quarter, compared to analyst estimates of $186.71 million. During the same period in the previous year, the company posted $1.00 earnings per share. The firm's revenue was up 5.7% on a year-over-year basis. Research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of OFG Bancorp

A number of hedge funds have recently bought and sold shares of OFG. Nuveen LLC purchased a new stake in OFG Bancorp during the first quarter valued at $44,749,000. Empowered Funds LLC increased its position in OFG Bancorp by 211.0% in the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank's stock worth $18,051,000 after buying an additional 286,113 shares in the last quarter. Burney Co. purchased a new stake in OFG Bancorp in the second quarter worth about $10,236,000. Millennium Management LLC increased its position in OFG Bancorp by 73.1% in the first quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock worth $21,372,000 after buying an additional 225,472 shares in the last quarter. Finally, CSM Advisors LLC purchased a new stake in OFG Bancorp in the second quarter worth about $8,235,000. Hedge funds and other 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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