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

OFG Bancorp (NYSE:OFG - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Other research analysts have also issued research reports about the company. Wells Fargo & Company lowered OFG Bancorp from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their target price on OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Piper Sandler decreased their price target on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, Hovde Group dropped their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, OFG Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $45.50.

OFG Bancorp Price Performance

Shares of OFG traded up $0.29 during trading hours on Friday, reaching $42.48. 204,433 shares of the company traded hands, compared to its average volume of 311,644. The stock has a market capitalization of $1.91 billion, a PE ratio of 10.19 and a beta of 0.75. The stock has a fifty day simple moving average of $40.48 and a 200 day simple moving average of $41.09. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $175.35 million. OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. During the same period in the prior year, the business earned $1.05 earnings per share. As a group, research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Insider Activity

In related news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.11% of the company's stock.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently modified their holdings of OFG. Rhumbline Advisers boosted its holdings in OFG Bancorp by 1.3% in the 4th quarter. Rhumbline Advisers now owns 136,503 shares of the bank's stock worth $5,777,000 after acquiring an additional 1,785 shares during the period. Principal Financial Group Inc. increased its position in shares of OFG Bancorp by 2.6% during the fourth quarter. Principal Financial Group Inc. now owns 251,774 shares of the bank's stock worth $10,655,000 after acquiring an additional 6,392 shares during the last quarter. Ieq Capital LLC purchased a new position in shares of OFG Bancorp during the 4th quarter valued at approximately $210,000. Smartleaf Asset Management LLC grew its holdings in OFG Bancorp by 196.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock worth $44,000 after acquiring an additional 680 shares in the last quarter. Finally, Bailard Inc. raised its stake in OFG Bancorp by 39.4% during the fourth quarter. Bailard Inc. now owns 16,741 shares of the bank's stock valued at $708,000 after buying an additional 4,730 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.