Piper Sandler Lowers OFG Bancorp (NYSE:OFG) Price Target to $42.00

OFG Bancorp (NYSE:OFG) had its price objective lowered by Piper Sandler from $44.00 to $42.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other analysts have also weighed in on the company. Hovde Group lowered their target price on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods increased their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company cut shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th.

OFG Bancorp Trading Up 2.7 %

Shares of OFG stock opened at $37.79 on Thursday. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $47.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The business’s fifty day moving average price is $39.01 and its 200 day moving average price is $41.67. The firm has a market capitalization of $1.72 billion, a PE ratio of 8.95 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. The company had revenue of $178.30 million during the quarter, compared to analyst estimates of $175.35 million. As a group, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.30 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.18%. OFG Bancorp’s dividend payout ratio (DPR) is 28.44%.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in 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 buying an additional 263 shares during the period. SummerHaven Investment Management LLC grew its holdings in OFG Bancorp by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 20,507 shares of the bank’s stock valued at $821,000 after purchasing an additional 337 shares during the period. TD Waterhouse Canada Inc. increased its position in OFG Bancorp by 1.8% during the fourth quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank’s stock worth $890,000 after purchasing an additional 369 shares during the last quarter. Prudential Financial Inc. raised its stake in OFG Bancorp by 0.5% during the fourth quarter. Prudential Financial Inc. now owns 67,999 shares of the bank’s stock worth $2,878,000 after purchasing an additional 370 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of OFG Bancorp by 9.0% in the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank’s stock valued at $224,000 after purchasing an additional 438 shares during the last quarter. 92.73% of the stock is currently 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.