Piper Sandler Lowers OFG Bancorp (NYSE:OFG) Price Target to $47.00

OFG Bancorp (NYSE:OFG) had its target price reduced by equities research analysts at Piper Sandler from $49.00 to $47.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 13.61% from the stock’s current price.

OFG has been the topic of a number of other research reports. Hovde Group upped their price target on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company upped their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

OFG Bancorp Trading Down 7.8 %

NYSE OFG opened at $41.37 on Thursday. The business’s 50-day moving average price is $43.71 and its two-hundred day moving average price is $40.02. OFG Bancorp has a 12 month low of $28.32 and a 12 month high of $47.57. The firm has a market capitalization of $1.94 billion, a PE ratio of 10.58 and a beta of 0.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter last year, the firm posted $0.95 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, analysts expect that OFG Bancorp will post 4.27 EPS for the current year.

Insider Buying and Selling

In related news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OFG. Goldman Sachs Group Inc. raised its stake in OFG Bancorp by 58.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after buying an additional 225,666 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of OFG Bancorp by 3.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock worth $11,358,000 after purchasing an additional 10,186 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of OFG Bancorp by 7.8% in the first quarter. Principal Financial Group Inc. now owns 264,289 shares of the bank’s stock worth $9,728,000 after purchasing an additional 19,144 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of OFG Bancorp by 35.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,505 shares of the bank’s stock worth $1,381,000 after purchasing an additional 9,860 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of OFG Bancorp by 172.3% in the first quarter. BNP Paribas Financial Markets now owns 36,467 shares of the bank’s stock worth $1,342,000 after purchasing an additional 23,075 shares during the last quarter. 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.