OFG Bancorp (NYSE:OFG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

OFG Bancorp (NYSE:OFG) had its price target increased by investment analysts at Wells Fargo & Company from $48.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.99% from the stock’s previous close.

Separately, Piper Sandler cut their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

OFG traded up $0.29 on Tuesday, reaching $45.80. The company had a trading volume of 4,203 shares, compared to its average volume of 241,248. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 11.07 and a beta of 1.02. The business has a 50 day simple moving average of $43.09 and a 200 day simple moving average of $41.56.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp declared that its Board of Directors has approved a stock buyback program on Monday, October 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of OFG. Geode Capital Management LLC raised its position in shares of OFG Bancorp by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock worth $48,565,000 after acquiring an additional 4,398 shares in the last quarter. Barclays PLC lifted its position in OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank’s stock valued at $4,314,000 after buying an additional 43,738 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of OFG Bancorp in the 3rd quarter worth about $1,271,000. XTX Topco Ltd increased its stake in shares of OFG Bancorp by 5.2% in the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after acquiring an additional 413 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in OFG Bancorp by 32.1% during the 3rd quarter. Jane Street Group LLC now owns 82,203 shares of the bank’s stock valued at $3,693,000 after acquiring an additional 19,963 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.