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

OFG Bancorp (NYSE:OFG) had its target price lowered by Wells Fargo & Company from $49.00 to $45.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Trading Up 0.7 %

Shares of OFG stock opened at $42.05 on Monday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The firm’s 50 day moving average price is $43.62 and its two-hundred day moving average price is $42.81. The stock 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 quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last posted its earnings results 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). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the previous year, the firm posted $0.95 EPS. The business’s revenue was up 1.1% compared to the same quarter last year. On average, analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date 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 presently 24.33%.

OFG Bancorp declared that its board has approved a stock buyback program on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. 3.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its stake in shares of OFG Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after purchasing an additional 247 shares in the last quarter. GAMMA Investing LLC increased its holdings in OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after buying an additional 263 shares during the last quarter. XTX Topco Ltd raised its stake in OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after buying an additional 413 shares in the last quarter. Martingale Asset Management L P lifted its holdings in OFG Bancorp by 0.5% during the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock worth $3,918,000 after buying an additional 460 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after acquiring an additional 568 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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.