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

Key Points

• Zacks Research upgraded OFG Bancorp from “hold” to “strong buy,” while other analysts’ views ranged from buy to hold. The stock has a consensus “moderate buy” rating and a $54 target price.
• OFG Bancorp’s latest quarterly results exceeded expectations, with EPS of $1.39 versus the $1.17 consensus and revenue of $190.32 million compared with estimates of $182.64 million.
• Shares opened at $52.55, near their 52-week high of $53.30, while institutional investors own 92.73% of the stock. CEO Jose Rafael Fernandez sold 52,352 shares, reducing his position by 25.54%.

OFG Bancorp (NYSE:OFG - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. Benchmark started coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a "hold" rating for the company. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their target price on OFG Bancorp from $45.00 to $49.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $54.00.

OFG Bancorp Trading Up 0.4%

Shares of OFG Bancorp stock opened at $52.55 on Wednesday. The business has a fifty day simple moving average of $48.57 and a 200-day simple moving average of $44.18. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.70. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.30. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The company had revenue of $190.32 million for the quarter, compared to analysts' expectations of $182.64 million. During the same quarter in the prior year, the company earned $1.15 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares of the company's stock, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.23% of the company's stock.

Institutional Trading of OFG Bancorp

Several large investors have recently modified their holdings of OFG. Royal Bank of Canada lifted its position in OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank's stock worth $1,221,000 after acquiring an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 acquiring an additional 552 shares during the last quarter. Quantbot Technologies LP acquired a new position in OFG Bancorp during the 2nd quarter valued at $162,000. Arrowstreet Capital Limited Partnership grew its position in OFG Bancorp by 63.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank's stock worth $3,500,000 after purchasing an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after buying an additional 1,095 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

About OFG Bancorp

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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