OFG Bancorp (NYSE:OFG) Rating Lowered to “Strong Sell” at Zacks Research

OFG Bancorp (NYSE:OFG) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on OFG. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Monday. Keefe, Bruyette & Woods decreased their price objective on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, October 23rd. Wells Fargo & Company dropped their price objective on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Truist Financial reduced their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. Finally, UBS Group set a $50.00 price target on shares of OFG Bancorp in a report on Thursday, October 9th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, OFG Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.17.

OFG Bancorp Stock Performance

Shares of OFG opened at $42.61 on Tuesday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The stock has a market cap of $1.87 billion, a P/E ratio of 9.68 and a beta of 0.79. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average of $40.54 and a two-hundred day moving average of $42.34.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting the consensus estimate of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. During the same period in the prior year, the business earned $1.00 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the transaction, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. This represents a 12.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jorge Colon sold 25,000 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the transaction, the director owned 27,543 shares in the company, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 60,500 shares of company stock worth $2,479,682 in the last 90 days. 3.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its holdings in shares of OFG Bancorp by 76.3% during the 1st quarter. Hsbc Holdings PLC now owns 27,083 shares of the bank’s stock worth $1,083,000 after purchasing an additional 11,725 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in OFG Bancorp during the first quarter valued at approximately $1,237,000. State of Alaska Department of Revenue lifted its position in OFG Bancorp by 5.0% during the second quarter. State of Alaska Department of Revenue now owns 26,707 shares of the bank’s stock valued at $1,142,000 after buying an additional 1,275 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in OFG Bancorp during the second quarter worth approximately $218,000. Finally, Federated Hermes Inc. increased its position in shares of OFG Bancorp by 22.0% in the second quarter. Federated Hermes Inc. now owns 177,873 shares of the bank’s stock worth $7,613,000 after acquiring an additional 32,113 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.