OFG Bancorp (NYSE:OFG) Stock Rating Lowered by Wall Street Zen

OFG Bancorp (NYSE:OFG - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Friday.

Other analysts have also recently issued reports about the company. Hovde Group cut their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Piper Sandler cut their price target on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company cut OFG Bancorp from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $48.00 to $42.00 in a report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $45.50.

OFG Bancorp Price Performance

OFG stock traded up $0.70 during trading on Friday, hitting $41.80. The stock had a trading volume of 156,974 shares, compared to its average volume of 309,797. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66. The company's 50-day moving average price is $39.30 and its two-hundred day moving average price is $41.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The stock has a market capitalization of $1.88 billion, a P/E ratio of 9.91 and a beta of 0.75.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS 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 firm had revenue of $178.30 million for the quarter, compared to analysts' expectations of $175.35 million. During the same period last year, the firm earned $1.05 earnings per share. As a group, research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Insider Activity at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the sale, the chief financial officer now directly owns 63,470 shares in the company, valued at $2,630,196.80. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.11% of the company's stock.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its stake in shares of OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock valued at $44,000 after buying an additional 680 shares during the period. Meeder Asset Management Inc. bought a new stake in OFG Bancorp during the 4th quarter valued at approximately $44,000. Blue Trust Inc. grew its stake in shares of OFG Bancorp by 84.8% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock worth $93,000 after acquiring an additional 946 shares during the last quarter. Vestcor Inc acquired a new stake in OFG Bancorp in the 4th quarter worth $107,000. Finally, Quarry LP increased its stake in OFG Bancorp by 458.9% during the first quarter. Quarry LP now owns 2,666 shares of the bank's stock valued at $107,000 after acquiring an additional 2,189 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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