OFG Bancorp (NYSE:OFG) Stock Rating Lowered by Zacks Research

OFG Bancorp (NYSE:OFG) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

OFG has been the subject of several other reports. Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Benchmark began coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, OFG Bancorp currently has a consensus rating of “Hold” and a consensus price target of $55.20.

OFG Bancorp Stock Performance

Shares of OFG opened at $51.73 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.18 and a beta of 0.68. The stock has a 50 day moving average of $52.41 and a 200 day moving average of $47.31. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same period last year, the company posted $1.15 earnings per share. As a group, sell-side analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current year.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jose Fernandez sold 52,352 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This represents a 25.54% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is owned by insiders.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP bought a new position in shares of OFG Bancorp in the second quarter worth $31,000. Nykredit A S bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at $43,000. Integrated Wealth Concepts LLC bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at $57,000. Royal Bank of Canada boosted its stake in OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after purchasing an additional 1,736 shares during the period. Finally, Equitable Holdings Inc. bought a new position in OFG Bancorp in the 2nd quarter worth about $201,000. Institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.