OFG Bancorp (NYSE:OFG) Given New $48.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price target upped by Wells Fargo & Company from $45.00 to $48.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

A number of other research firms also recently issued reports on OFG. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday. Piper Sandler dropped 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 report on Thursday, October 17th.

OFG Bancorp Stock Down 1.8 %

Shares of NYSE OFG opened at $43.30 on Thursday. The stock has a market capitalization of $1.99 billion, a PE ratio of 10.26 and a beta of 1.02. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average of $43.57 and a 200-day moving average of $43.22. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the prior year, the firm earned $0.98 earnings per share. On average, analysts anticipate that OFG Bancorp will post 4.07 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend was Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is presently 23.70%.

OFG Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in OFG. GAMMA Investing LLC grew its stake in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares in the last quarter. XTX Topco Ltd grew its stake in OFG Bancorp by 5.2% during the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after purchasing 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 purchasing an additional 460 shares in the last quarter. KBC Group NV grew its position in shares of OFG Bancorp by 39.7% during the fourth quarter. KBC Group NV now owns 2,620 shares of the bank’s stock worth $111,000 after buying an additional 745 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in OFG Bancorp by 3.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock worth $895,000 after acquiring an additional 886 shares in the last quarter. Institutional investors and hedge funds 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.