Keefe, Bruyette & Woods Issues Positive Forecast for OFG Bancorp (NYSE:OFG) Stock Price

OFG Bancorp (NYSE:OFG) had its price objective upped by research analysts at Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 24.57% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Stock Performance

NYSE:OFG opened at $44.15 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The stock has a market cap of $2.03 billion, a PE ratio of 10.74 and a beta of 1.02. The firm’s fifty day simple moving average is $43.58 and its 200-day simple moving average is $43.22.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. During the same quarter in the previous year, the firm posted $0.98 EPS. Analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the transaction, the chief executive officer now owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Foundry Partners LLC acquired a new stake in OFG Bancorp during the third quarter worth about $6,038,000. Marshall Wace LLP acquired a new stake in OFG Bancorp during the second quarter worth about $2,112,000. Intech Investment Management LLC raised its stake in OFG Bancorp by 411.3% during the third quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after acquiring an additional 51,798 shares during the period. Renaissance Technologies LLC raised its stake in OFG Bancorp by 293.2% during the second quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock worth $2,386,000 after acquiring an additional 47,500 shares during the period. Finally, Barclays PLC raised its stake in OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after acquiring an additional 43,738 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

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.