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

OFG Bancorp (NYSE:OFG) had its price objective cut by Wells Fargo & Company from $49.00 to $45.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.68% from the stock’s current price.

A number of other research firms also recently commented on OFG. Piper Sandler cut 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 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 note on Wednesday, December 4th.

OFG Bancorp Trading Up 0.4 %

NYSE OFG traded up $0.19 during trading hours on Monday, hitting $42.58. 33,111 shares of the company were exchanged, compared to its average volume of 165,248. The stock has a 50-day moving average price of $43.53 and a 200 day moving average price of $42.74. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.95 billion, a PE ratio of 10.36 and a beta of 1.02. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has authorized 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 repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Several large investors have recently bought and sold shares of OFG. GAMMA Investing LLC boosted its holdings 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 last quarter. Blue Trust Inc. lifted its holdings in shares of 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 buying an additional 1,070 shares during the period. Quarry LP boosted its stake in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after buying an additional 996 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in 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 acquiring an additional 1,927 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in OFG Bancorp by 56.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock valued at $115,000 after acquiring an additional 926 shares in the last quarter. 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.