OFG Bancorp (OFG) Lifted to “Buy” at Sandler O’Neill
Sandler O’Neill upgraded shares of OFG Bancorp (NYSE:OFG) from a hold rating to a buy rating in a research report report published on Monday morning, Marketbeat Ratings reports. Sandler O’Neill currently has $12.00 target price on the bank’s stock.
Other equities analysts have also issued reports about the company. Piper Jaffray Companies reaffirmed a hold rating and set a $11.00 target price on shares of OFG Bancorp in a research report on Friday, October 27th. ValuEngine lowered OFG Bancorp from a buy rating to a hold rating in a research report on Friday, September 1st. Finally, BidaskClub lowered OFG Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. OFG Bancorp has an average rating of Hold and an average price target of $12.33.
OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. The firm had revenue of $98.39 million for the quarter, compared to analysts’ expectations of $90.60 million. OFG Bancorp had a return on equity of 9.05% and a net margin of 11.92%. During the same period in the prior year, the business earned $0.14 EPS.
The company also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Thursday, September 28th. OFG Bancorp’s payout ratio is 28.92%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new stake in OFG Bancorp in the 3rd quarter valued at $103,000. Virtu KCG Holdings LLC purchased a new stake in OFG Bancorp in the 2nd quarter valued at $117,000. Dynamic Technology Lab Private Ltd purchased a new stake in OFG Bancorp in the 2nd quarter valued at $127,000. Neuberger Berman Group LLC raised its position in OFG Bancorp by 0.9% in the 1st quarter. Neuberger Berman Group LLC now owns 13,470 shares of the bank’s stock valued at $159,000 after buying an additional 126 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in OFG Bancorp by 53.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,649 shares of the bank’s stock valued at $136,000 after buying an additional 4,775 shares during the last quarter. 96.75% of the stock is owned by institutional investors and hedge funds.
OFG Bancorp Company Profile
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.
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