OFG Bancorp (NYSE:OFG) Given New $49.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFGFree Report) had its price objective raised by Wells Fargo & Company from $48.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Separately, Piper Sandler reduced their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th.

View Our Latest Report on OFG

OFG Bancorp Trading Down 0.9 %

Shares of OFG opened at $45.12 on Tuesday. 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 $2.07 billion, a price-to-earnings ratio of 10.98 and a beta of 1.02. The stock has a fifty day moving average price of $43.11 and a two-hundred day moving average price of $41.62. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFGGet Free Report) last announced its earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business 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 business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is 24.33%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. New Millennium Group LLC bought a new stake in shares of OFG Bancorp during the second quarter worth approximately $30,000. Blue Trust Inc. lifted its stake in shares of OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,070 shares during the period. CWM LLC boosted its position in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares during the last quarter. Quarry LP grew its stake in shares of OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock worth $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in shares of OFG Bancorp by 4,014.6% during the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after purchasing an additional 1,927 shares during the period. Institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

(Get Free Report)

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.

Further Reading

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