Wells Fargo & Company Cuts OFG Bancorp (NYSE:OFG) Price Target to $45.00

OFG Bancorp (NYSE:OFG) had its target price cut by Wells Fargo & Company from $49.00 to $45.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research firms have also commented on OFG. Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler cut their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Price Performance

OFG stock opened at $42.05 on Monday. The firm has a 50 day moving average of $43.62 and a 200-day moving average of $42.81. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 10.23 and a beta of 1.02. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data 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). The firm had revenue of $174.10 million during the quarter, compared to analysts’ expectations of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, equities analysts expect that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp declared that its board has authorized a share repurchase plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. OFG Bancorp’s dividend payout ratio is currently 24.33%.

Insiders Place Their Bets

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.11% of the stock is owned by corporate insiders.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its position in shares of OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after acquiring an additional 136,813 shares during the last quarter. Foundry Partners LLC purchased a new position in OFG Bancorp during the third quarter worth approximately $6,038,000. Marshall Wace LLP acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at $2,112,000. X Square Capital LLC grew its stake in shares of OFG Bancorp by 46.7% during the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock valued at $6,256,000 after buying an additional 53,190 shares during the period. Finally, Intech Investment Management LLC increased its holdings in shares of OFG Bancorp by 411.3% during the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after buying an additional 51,798 shares during the last quarter. Hedge funds and other institutional investors 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.