OFG Bancorp (NYSE:OFG) Price Target Cut to $42.00 by Analysts at Piper Sandler

OFG Bancorp (NYSE:OFG) had its price objective reduced by Piper Sandler from $44.00 to $42.00 in a research note published on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently commented on the company. Wells Fargo & Company downgraded OFG Bancorp from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $48.00 to $42.00 in a report on Wednesday, April 9th. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Finally, Hovde Group reduced their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a research report on Thursday.

OFG Bancorp Stock Up 2.7 %

Shares of NYSE:OFG opened at $37.79 on Thursday. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The firm’s 50 day moving average price is $39.01 and its 200 day moving average price is $41.67. 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 stock has a market cap of $1.72 billion, a price-to-earnings ratio of 8.95 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $178.30 million during the quarter, compared to analyst estimates of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. As a group, equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.30 dividend. The ex-dividend date was Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 3.18%. OFG Bancorp’s payout ratio is currently 28.44%.

Institutional Investors Weigh In On OFG Bancorp

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in OFG Bancorp by 48.9% during the 4th quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after acquiring an additional 263 shares during the last quarter. R Squared Ltd acquired a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $44,000. Smartleaf Asset Management LLC raised its stake in shares of OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after purchasing an additional 680 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of OFG Bancorp during the fourth quarter worth $44,000. Finally, Blue Trust Inc. lifted its holdings in shares of OFG Bancorp by 84.8% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock worth $93,000 after purchasing an additional 946 shares during the period. 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.