OFG Bancorp (NYSE:OFG) Upgraded by Wall Street Zen to Hold Rating

OFG Bancorp (NYSE:OFG - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

A number of other brokerages also recently commented on OFG. Piper Sandler lowered their price objective on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Finally, Hovde Group dropped their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Trading Up 0.2%

Shares of NYSE:OFG traded up $0.07 during midday trading on Friday, reaching $44.57. 176,299 shares of the company's stock were exchanged, compared to its average volume of 309,434. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 10.51 and a beta of 0.75. The firm's 50 day simple moving average is $42.65 and its two-hundred day simple moving average is $41.28. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.84.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same period in the prior year, the business posted $1.08 EPS. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling 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 shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the sale, the chief financial officer directly owned 63,470 shares of the company's stock, valued at approximately $2,630,196.80. This trade represents 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 at the SEC website. 3.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in shares of OFG Bancorp during the fourth quarter valued at about $44,000. Quarry LP raised its holdings in OFG Bancorp by 458.9% in 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 in the last quarter. Point72 Asset Management L.P. bought a new position in OFG Bancorp during the 4th quarter valued at $172,000. Bridgefront Capital LLC acquired a new position in OFG Bancorp during the 4th quarter worth $221,000. Finally, Vident Advisory LLC bought a new stake in shares of OFG Bancorp in the 1st quarter worth about $210,000. 92.73% of the stock is owned by institutional investors and hedge funds.

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.