OFG Bancorp (NYSE:OFG) Given New $48.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG - Get Free Report) had its price objective raised by investment analysts at Wells Fargo & Company from $42.00 to $48.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's price target would suggest a potential upside of 7.42% from the stock's previous close.

Several other research firms also recently commented on OFG. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Keefe, Bruyette & Woods lowered their price target on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Hovde Group lowered their price target on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Piper Sandler decreased their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" 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 stock. According to data from MarketBeat.com, OFG Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $47.00.

OFG Bancorp Price Performance

NYSE:OFG traded down $0.11 during trading hours on Thursday, reaching $44.68. 59,089 shares of the company were exchanged, compared to its average volume of 312,608. The firm has a market cap of $2.01 billion, a PE ratio of 10.72 and a beta of 0.75. The stock's 50-day moving average is $42.17 and its 200-day moving average is $41.19. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.20. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data 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 during 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 quarter in the previous year, the firm posted $1.05 earnings per share. On average, sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total transaction of $207,200.00. Following the transaction, the chief financial officer directly owned 63,470 shares of the company's stock, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC grew its stake in shares of OFG Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank's stock worth $821,000 after acquiring an additional 337 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings in OFG Bancorp by 1.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank's stock valued at $890,000 after purchasing an additional 369 shares during the period. Prudential Financial Inc. boosted its holdings in OFG Bancorp by 0.5% in the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank's stock valued at $2,878,000 after purchasing an additional 370 shares during the period. Wedge Capital Management L L P NC boosted its holdings in OFG Bancorp by 1.5% in the second quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank's stock valued at $1,130,000 after purchasing an additional 394 shares during the period. Finally, Bank of Montreal Can raised its position in OFG Bancorp by 9.0% in the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after purchasing an additional 438 shares in the last quarter. 92.73% of the stock is currently 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.