Keefe, Bruyette & Woods Boosts OFG Bancorp (NYSE:OFG) Price Target to $55.00

OFG Bancorp (NYSE:OFG) had its price objective boosted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a research note issued to investors on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

OFG has been the topic of a number of other research reports. Wells Fargo & Company lowered their target price on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Piper Sandler decreased their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Trading Down 0.2 %

Shares of OFG opened at $43.23 on Thursday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The business has a 50-day moving average of $43.56 and a 200 day moving average of $43.30. The firm has a market cap of $1.98 billion, a P/E ratio of 10.24 and a beta of 1.02. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the prior year, the business earned $0.98 earnings per share. As a group, research analysts forecast that OFG Bancorp will post 4.07 EPS for the current year.

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

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.31%. The ex-dividend date was Tuesday, December 31st. OFG Bancorp’s payout ratio is 23.70%.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.11% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

A number of large investors have recently modified their holdings of OFG. Foundry Partners LLC bought a new position in shares of OFG Bancorp in the third quarter worth approximately $6,038,000. Marshall Wace LLP purchased a new position in OFG Bancorp in the 2nd quarter worth approximately $2,112,000. Intech Investment Management LLC increased its holdings in shares of OFG Bancorp by 411.3% in the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after buying an additional 51,798 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of OFG Bancorp by 293.2% during the 2nd quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock valued at $2,386,000 after buying an additional 47,500 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of OFG Bancorp by 83.6% during the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after acquiring an additional 43,738 shares during the last quarter. 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.