OFG Bancorp (NYSE:OFG) Cut to “Hold” at Zacks Research

OFG Bancorp (NYSE:OFG) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

OFG has been the subject of several other reports. Piper Sandler reaffirmed a “neutral” rating and issued a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial raised their target price on OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.20.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $50.18 on Tuesday. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 10.37 and a beta of 0.69. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $50.66. The stock’s 50 day moving average price is $46.19 and its two-hundred day moving average price is $42.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The company had revenue of $185.80 million during the quarter. On average, equities analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its position in shares of OFG Bancorp by 8.8% during the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after buying an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after buying an additional 552 shares during the last quarter. Quantbot Technologies LP bought a new position in OFG Bancorp during the 2nd quarter valued at $162,000. Arrowstreet Capital Limited Partnership boosted its holdings in OFG Bancorp by 63.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after acquiring an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.