OFG Bancorp (NYSE:OFG) Price Target Cut to $47.00

OFG Bancorp (NYSE:OFG) had its price objective decreased by Piper Sandler from $49.00 to $47.00 in a research note published on Thursday morning, MarketBeat reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other analysts have also commented on OFG. Wells Fargo & Company lifted their price target on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Hovde Group lifted their target price on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd.

OFG Bancorp Stock Performance

NYSE OFG opened at $40.76 on Thursday. The company has a fifty day moving average price of $43.69 and a 200-day moving average price of $40.09. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 10.04 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 1 year low of $28.32 and a 1 year high of $47.57.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The firm had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same period in the previous year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities research analysts predict that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.45%. OFG Bancorp’s payout ratio is 24.63%.

Insiders Place Their Bets

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the transaction, the director now owns 70,919 shares of the company’s stock, valued at $3,243,125.87. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its holdings in OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after acquiring an additional 225,666 shares during the period. American Century Companies Inc. grew its position in shares of OFG Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after purchasing an additional 136,813 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of OFG Bancorp by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock valued at $217,433,000 after purchasing an additional 63,883 shares during the period. Marshall Wace LLP purchased a new stake in OFG Bancorp during the 2nd quarter worth about $2,112,000. Finally, X Square Capital LLC lifted its holdings in OFG Bancorp by 46.7% during the 2nd quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock worth $6,256,000 after purchasing an additional 53,190 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

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.