OFG Bancorp (NYSE:OFG – Get Free Report) had its price objective increased by equities research analysts at Wells Fargo & Company from $45.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 11.03% from the company’s previous close.
Several other equities analysts have also recently issued reports on the stock. Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday.
Read Our Latest Stock Analysis on OFG Bancorp
OFG Bancorp Stock Performance
OFG Bancorp (NYSE:OFG – Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period last year, the business earned $0.98 earnings per share. Research analysts forecast that OFG Bancorp will post 4.07 EPS for the current fiscal year.
OFG Bancorp announced that its Board of Directors has approved a stock buyback 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at $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 is available through this hyperlink. Company insiders own 3.11% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in OFG Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares during the period. Geode Capital Management LLC lifted its position in shares of OFG Bancorp by 0.4% in the third quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after purchasing an additional 4,398 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of OFG Bancorp by 2.6% during the third quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after purchasing an additional 19,599 shares during the period. FMR LLC grew its position in OFG Bancorp by 8.1% during the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock valued at $9,242,000 after purchasing an additional 15,498 shares in the last quarter. Finally, Algert Global LLC increased its stake in OFG Bancorp by 3.2% in the 3rd quarter. Algert Global LLC now owns 166,804 shares of the bank’s stock valued at $7,493,000 after buying an additional 5,120 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.
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.
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