Keefe, Bruyette & Woods Cuts OFG Bancorp (NYSE:OFG) Price Target to $50.00

OFG Bancorp (NYSE:OFG) had its price target cut by Keefe, Bruyette & Woods from $51.00 to $50.00 in a report published on Thursday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

OFG has been the subject of several other research reports. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Zacks Research upgraded OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Wall Street Zen upgraded OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. UBS Group set a $50.00 target price on OFG Bancorp in a report on Thursday, October 9th. Finally, Truist Financial cut their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $39.69 on Thursday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $47.66. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $43.34 and its two-hundred day moving average price is $42.13. The stock has a market cap of $1.77 billion, a PE ratio of 9.02 and a beta of 0.80.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $186.71 million. During the same quarter in the prior year, the business earned $1.00 earnings per share. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. OFG Bancorp’s dividend payout ratio is presently 27.27%.

Institutional Trading of OFG Bancorp

Several institutional investors have recently added to or reduced their stakes in OFG. EverSource Wealth Advisors LLC raised its holdings in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp during the second quarter worth $97,000. Quarry LP lifted 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 buying an additional 2,189 shares during the period. Quantbot Technologies LP bought a new stake in OFG Bancorp during the second quarter valued at $162,000. Finally, Smith Shellnut Wilson LLC ADV bought a new stake in OFG Bancorp during the second quarter valued at $209,000. 92.73% of the stock is currently owned by institutional investors.

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.