OFG Bancorp (NYSE:OFG) Upgraded at Wall Street Zen

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

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday. Hovde Group lowered their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. 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 note on Thursday, April 24th. Finally, Wells Fargo & Company raised 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. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

OFG Bancorp Trading Down 1.2%

Shares of OFG stock opened at $44.92 on Friday. The business's fifty day moving average price is $42.57 and its 200 day moving average price is $41.25. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The firm has a market capitalization of $2.02 billion, a PE ratio of 10.59 and a beta of 0.75. 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 released its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm had revenue of $182.20 million for the quarter, compared to the consensus estimate of $181.50 million. During the same period in the prior year, the business posted $1.08 earnings per share. The firm'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.

Insiders Place Their Bets

In related news, CFO Maritza Arizmendi sold 5,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the completion of the transaction, the chief financial officer owned 63,470 shares of the company's stock, valued at $2,630,196.80. This trade represents a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its holdings in OFG Bancorp by 42.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock valued at $909,000 after buying an additional 6,814 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of OFG Bancorp by 11.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock valued at $1,505,000 after purchasing an additional 3,702 shares in the last quarter. Bank of America Corp DE raised its stake in shares of OFG Bancorp by 11.0% in the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock valued at $4,409,000 after purchasing an additional 10,355 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of OFG Bancorp by 3.2% in the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after purchasing an additional 8,050 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of OFG Bancorp in the fourth quarter valued at $409,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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.

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