Keefe, Bruyette & Woods Boosts OFG Bancorp (NYSE:OFG) Price Target to $50.00

OFG Bancorp (NYSE:OFG) had its price target upped by analysts at Keefe, Bruyette & Woods from $48.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 8.87% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Piper Sandler decreased their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Hovde Group decreased their price target on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen lowered shares of OFG Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, OFG Bancorp has an average rating of “Hold” and a consensus price target of $47.50.

OFG Bancorp Stock Performance

OFG stock opened at $45.93 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.85 and a quick ratio of 0.84. The company has a 50 day moving average price of $42.50 and a 200 day moving average price of $41.24. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The stock has a market capitalization of $2.06 billion, a PE ratio of 11.01 and a beta of 0.75.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10. The company had revenue of $182.20 million during the quarter, compared to analysts’ expectations of $181.50 million. OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS. Analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

Insider Activity

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the transaction, the chief financial officer directly owned 63,470 shares of the company’s stock, valued at $2,630,196.80. This represents a 7.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of OFG Bancorp by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,688,184 shares of the bank’s stock worth $67,561,000 after purchasing an additional 35,960 shares during the period. American Century Companies Inc. boosted its position in shares of OFG Bancorp by 8.8% during the 1st quarter. American Century Companies Inc. now owns 1,270,604 shares of the bank’s stock worth $50,850,000 after acquiring an additional 102,755 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of OFG Bancorp by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank’s stock worth $50,267,000 after acquiring an additional 9,658 shares in the last quarter. Nuveen LLC acquired a new stake in shares of OFG Bancorp during the 1st quarter worth approximately $44,749,000. Finally, JPMorgan Chase & Co. boosted its position in OFG Bancorp by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 894,049 shares of the bank’s stock valued at $37,836,000 after buying an additional 42,335 shares in the last quarter. 92.73% of the stock is owned by 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.