Wells Fargo & Company Issues Pessimistic Forecast for OFG Bancorp (NYSE:OFG) Stock Price

OFG Bancorp (NYSE:OFG) had its price target lowered by Wells Fargo & Company from $49.00 to $45.00 in a report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on OFG. Piper Sandler dropped their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.

OFG Bancorp Price Performance

NYSE:OFG opened at $42.26 on Monday. The stock’s 50-day simple moving average is $43.56 and its 200 day simple moving average is $42.78. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $1.94 billion, a P/E ratio of 10.28 and a beta of 1.02.

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

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.37%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp declared that its Board of Directors has authorized a share buyback program on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at OFG Bancorp

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

Institutional Investors Weigh In On OFG Bancorp

Institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System lifted its position in shares of OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after acquiring an additional 247 shares during the period. GAMMA Investing LLC lifted its position in OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. XTX Topco Ltd grew its stake in OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after buying an additional 413 shares in the last quarter. Martingale Asset Management L P raised its position in shares of OFG Bancorp by 0.5% in the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after buying an additional 460 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of OFG Bancorp by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock valued at $5,262,000 after buying an additional 568 shares in the last quarter. 92.73% of the stock is currently 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.