OFG Bancorp (NYSE:OFG) Stock Rating Lowered by Zacks Research

OFG Bancorp (NYSE:OFG) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Piper Sandler reissued a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. Truist Financial raised their target price on OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company lifted their target price on OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, OFG Bancorp has a consensus rating of “Hold” and a consensus price target of $47.20.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $50.18 on Tuesday. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $50.66. The stock’s 50 day moving average price is $46.19 and its 200-day moving average price is $42.84. The company has a market capitalization of $2.12 billion, a PE ratio of 10.37 and a beta of 0.69. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. The company had revenue of $185.80 million during the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. On average, equities analysts anticipate that OFG Bancorp will post 4.75 EPS for the current year.

Institutional Trading of OFG Bancorp

Hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of OFG Bancorp during the 3rd quarter valued at $35,000. EverSource Wealth Advisors LLC increased its holdings in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in OFG Bancorp in the 2nd quarter worth about $97,000. Royal Bank of Canada raised its stake in OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares during the period. Finally, Quantbot Technologies LP bought a new stake in OFG Bancorp in the 2nd quarter valued at about $162,000. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high?net?worth individuals and institutional clients.