OFG Bancorp (NYSE:OFG) Given New $40.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price target dropped by research analysts at Wells Fargo & Company from $41.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 15.24% from the stock’s previous close.

OFG Bancorp Stock Performance

NYSE:OFG opened at $34.71 on Wednesday. The stock has a market cap of $1.64 billion, a P/E ratio of 9.09 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.17. The business’s 50-day moving average price is $36.03 and its two-hundred day moving average price is $34.50. OFG Bancorp has a twelve month low of $22.34 and a twelve month high of $39.04.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, January 24th. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. OFG Bancorp had a net margin of 23.62% and a return on equity of 16.25%. The business had revenue of $208.26 million for the quarter, compared to the consensus estimate of $172.50 million. During the same period last year, the firm posted $0.97 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 3.75 EPS for the current fiscal year.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of OFG Bancorp stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80. Following the completion of the sale, the insider now owns 134,805 shares of the company’s stock, valued at $4,906,902. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 34,536 shares of company stock valued at $1,238,317 over the last 90 days. 2.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake in shares of OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after purchasing an additional 225,666 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in OFG Bancorp during the fourth quarter valued at about $500,000. Barclays PLC grew its stake in shares of OFG Bancorp by 41.1% during the fourth quarter. Barclays PLC now owns 106,266 shares of the bank’s stock valued at $3,982,000 after buying an additional 30,954 shares during the last quarter. West Tower Group LLC grew its stake in shares of OFG Bancorp by 262.8% during the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock valued at $44,000 after buying an additional 854 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of OFG Bancorp by 0.4% in the fourth quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank’s stock worth $52,466,000 after buying an additional 5,555 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.