OFG Bancorp (NYSE:OFG) Given New $45.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its target price dropped by equities research analysts at Wells Fargo & Company from $49.00 to $45.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.89% from the company’s current price.

A number of other brokerages have also issued reports on OFG. Piper Sandler decreased their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

OFG Bancorp Stock Performance

NYSE OFG opened at $41.71 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The business has a fifty day moving average of $43.59 and a 200-day moving average of $42.81. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 10.15 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same period in the previous year, the firm posted $0.95 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts predict that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at approximately $12,883,221. The trade was a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OFG. GAMMA Investing LLC raised its stake in shares of OFG Bancorp by 48.9% in the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares during the period. Blue Trust Inc. increased its holdings in OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,070 shares in the last quarter. Quarry LP raised its position in OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of OFG Bancorp by 56.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock worth $115,000 after buying an additional 926 shares during the period. 92.73% of the stock is 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.