Piper Sandler Upgrades OFG Bancorp (NYSE:OFG) to Hold

OFG Bancorp (NYSE:OFG) was upgraded by equities research analysts at Piper Sandler to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently commented on OFG. Truist Financial cut their price target on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Wells Fargo & Company reduced their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Keefe, Bruyette & Woods dropped their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, October 23rd. UBS Group set a $50.00 price objective on OFG Bancorp in a report on Thursday, October 9th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $47.67.

OFG Bancorp Stock Up 1.4%

OFG opened at $41.83 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.85. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11. The firm has a market capitalization of $1.84 billion, a P/E ratio of 9.51 and a beta of 0.77. The company has a fifty day moving average price of $41.01 and a 200-day moving average price of $42.33.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting the consensus estimate of $1.16. The business had revenue of $186.18 million during the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. Equities research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Insider Activity at OFG Bancorp

In related news, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the sale, the director directly owned 27,543 shares in the company, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cesar A. Ortiz sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. This represents a 94.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 62,500 shares of company stock valued at $2,564,302. 3.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Quarry LP purchased a new stake in OFG Bancorp in the third quarter worth $35,000. Wealth Enhancement Advisory Services LLC bought a new stake in OFG Bancorp during the 3rd quarter valued at about $53,000. EverSource Wealth Advisors LLC grew its stake in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the 2nd quarter worth $97,000. Finally, Quantbot Technologies LP purchased a new position in OFG Bancorp in the second quarter valued at about $162,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.