Truist Financial Cuts OFG Bancorp (NYSE:OFG) Price Target to $44.00

OFG Bancorp (NYSE:OFG) had its price target trimmed by Truist Financial from $48.00 to $44.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a buy rating on the bank’s stock.

A number of other research firms have also recently issued reports on OFG. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Wells Fargo & Company lowered their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. UBS Group set a $50.00 price objective on shares of OFG Bancorp in a research report on Thursday, October 9th. Finally, Piper Sandler started coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Stock Performance

Shares of OFG opened at $37.67 on Monday. The company has a market capitalization of $1.66 billion, a PE ratio of 8.22 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.87. The company’s 50 day moving average price is $40.87 and its 200 day moving average price is $42.01. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

OFG Bancorp (NYSE:OFG) last released its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same quarter in the prior year, the firm earned $1.09 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. Research analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.30 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.20%.

OFG Bancorp declared that its board has initiated a share repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other OFG Bancorp news, Director Jorge Colon sold 25,000 shares of the business’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 completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the sale, the director owned 22,690 shares of the company’s stock, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 62,500 shares of company stock worth $2,564,302 in the last 90 days. Insiders own 2.16% of the company’s stock.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its position in OFG Bancorp by 211.0% during the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after buying an additional 286,113 shares in the last quarter. Burney Co. bought a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $10,236,000. CSM Advisors LLC bought a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $8,235,000. Qube Research & Technologies Ltd grew its holdings in shares of OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after purchasing an additional 133,046 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of OFG Bancorp by 6.5% during the third quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock valued at $81,566,000 after purchasing an additional 113,868 shares during the period. Institutional investors and hedge funds 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.