OFG Bancorp (NYSE:OFG) Stock Rating Upgraded by Zacks Research

OFG Bancorp (NYSE:OFG - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Wells Fargo & Company increased their price objective on OFG Bancorp from $43.00 to $45.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. Truist Financial increased their price objective on OFG Bancorp from $44.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler reiterated a "neutral" rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.20.

OFG Bancorp Stock Up 0.9%

NYSE:OFG opened at $46.04 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.86 and a debt-to-equity ratio of 0.33. The stock's fifty day moving average is $41.76 and its two-hundred day moving average is $41.12. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $46.85. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 9.51 and a beta of 0.72.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. The business had revenue of $185.80 million for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. Research analysts anticipate that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 12% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Annette Franqui bought 1,540 shares of OFG Bancorp stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the completion of the acquisition, the director directly owned 3,440 shares in the company, valued at $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL raised its stake in OFG Bancorp by 23.7% in the third quarter. Tudor Investment Corp ET AL now owns 180,897 shares of the bank's stock valued at $7,867,000 after buying an additional 34,653 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in OFG Bancorp in the third quarter valued at $4,272,000. Rhumbline Advisers raised its holdings in OFG Bancorp by 18.8% during the third quarter. Rhumbline Advisers now owns 156,826 shares of the bank's stock worth $6,820,000 after purchasing an additional 24,786 shares in the last quarter. Federated Hermes Inc. raised its holdings in OFG Bancorp by 8.0% during the third quarter. Federated Hermes Inc. now owns 192,089 shares of the bank's stock worth $8,354,000 after purchasing an additional 14,216 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in OFG Bancorp by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank's stock worth $26,467,000 after purchasing an additional 28,114 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.

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