Zacks Research Upgrades OFG Bancorp (NYSE:OFG) to “Hold”

OFG Bancorp (NYSE:OFG) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

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

OFG Bancorp Price Performance

Shares of OFG stock traded down $0.32 during mid-day trading on Wednesday, reaching $41.60. The company’s stock had a trading volume of 17,711 shares, compared to its average volume of 173,721. The firm’s 50-day moving average is $41.01 and its two-hundred day moving average is $42.33. The company has a market cap of $1.83 billion, a P/E ratio of 9.44 and a beta of 0.77. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.85.

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

Insider Buying and Selling at OFG Bancorp

In related news, insider Cesar A. Ortiz sold 5,500 shares of the 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 directly owned 351 shares in the company, valued at $14,801.67. This represents a 94.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the sale, the director owned 27,543 shares of the company’s stock, valued at $1,125,131.55. The trade was a 47.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 62,500 shares of company stock valued at $2,564,302. 3.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Large investors have recently modified their holdings of the stock. Quarry LP bought a new position in OFG Bancorp in the 3rd quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC acquired a new stake in OFG Bancorp during the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC boosted 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 valued at $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new position in OFG Bancorp in the 2nd quarter valued at $97,000. Finally, Quantbot Technologies LP bought a new position in OFG Bancorp during the 2nd quarter worth $162,000. 92.73% of the stock is owned by institutional investors.

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.