OFG Bancorp (NYSE:OFG) Rating Lowered to Sell at 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 note issued to investors on Friday.

A number of other analysts have also commented on 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. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $48.00 to $42.00 in a research note on Wednesday, April 9th. Piper Sandler cut their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods cut their price target on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, OFG Bancorp presently has a consensus rating of "Hold" and an average price target of $45.50.

OFG Bancorp Price Performance

NYSE:OFG traded down $0.01 on Friday, hitting $41.81. The company had a trading volume of 269,595 shares, compared to its average volume of 310,249. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 9.91 and a beta of 0.75. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $39.33 and a two-hundred day moving average of $41.40. 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 released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. During the same period last year, the business earned $1.05 EPS. On average, research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp 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 transaction, the chief financial officer now directly owns 63,470 shares of the company's stock, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. SummerHaven Investment Management LLC raised its position 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 acquiring an additional 337 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of OFG Bancorp by 1.8% in the 4th quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank's stock worth $890,000 after acquiring an additional 369 shares in the last quarter. Prudential Financial Inc. raised its position in shares of OFG Bancorp by 0.5% in the 4th quarter. Prudential Financial Inc. now owns 67,999 shares of the bank's stock worth $2,878,000 after acquiring an additional 370 shares in the last quarter. Bank of Montreal Can increased its holdings in OFG Bancorp by 9.0% in the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock worth $224,000 after purchasing an additional 438 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after purchasing an additional 552 shares in the last quarter. Institutional investors and hedge funds 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.