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

OFG Bancorp (NYSE:OFG) had its target price increased by stock analysts at Wells Fargo & Company from $45.00 to $48.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 11.03% from the company’s previous close.

A number of other equities research analysts also recently weighed in on OFG. Piper Sandler lowered their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday.

OFG Bancorp Trading Down 0.2 %

NYSE OFG opened at $43.23 on Thursday. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 10.24 and a beta of 1.02. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The company’s fifty day moving average price is $43.56 and its two-hundred day moving average price is $43.26.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS 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 quarter in the previous year, the business earned $0.98 EPS. As a group, research analysts predict that OFG Bancorp will post 4.07 earnings per share for the current fiscal year.

OFG Bancorp declared that its board has initiated a share buyback plan on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after buying an additional 19,372 shares during the period. Geode Capital Management LLC raised its stake in OFG Bancorp by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank’s stock valued at $48,565,000 after acquiring an additional 4,398 shares in the last quarter. Wellington Management Group LLP raised its stake in OFG Bancorp by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock valued at $34,576,000 after acquiring an additional 19,599 shares in the last quarter. FMR LLC boosted its position in OFG Bancorp by 8.1% during the 3rd quarter. FMR LLC now owns 205,745 shares of the bank’s stock worth $9,242,000 after acquiring an additional 15,498 shares during the period. Finally, Algert Global LLC grew its stake in shares of OFG Bancorp by 3.2% in the third quarter. Algert Global LLC now owns 166,804 shares of the bank’s stock worth $7,493,000 after purchasing an additional 5,120 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

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.