Wells Fargo & Company Forecasts Strong Price Appreciation for OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) had its price objective hoisted by stock analysts at Wells Fargo & Company from $45.00 to $48.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 8.18% from the stock’s previous close.

OFG has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday. Piper Sandler decreased their price objective on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Stock Up 0.6 %

Shares of NYSE OFG opened at $44.37 on Thursday. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 10.80 and a beta of 1.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average of $43.58 and a two-hundred day moving average of $43.22.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating 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 period in the prior year, the business posted $0.98 EPS. On average, analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has approved a stock repurchase program on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at OFG Bancorp

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

Institutional Trading of OFG Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after purchasing an additional 263 shares during the period. XTX Topco Ltd lifted its position in OFG Bancorp by 5.2% during the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after acquiring an additional 413 shares in the last quarter. Martingale Asset Management L P boosted its holdings in OFG Bancorp by 0.5% in the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock worth $3,918,000 after acquiring an additional 460 shares during the period. KBC Group NV grew its position in OFG Bancorp by 39.7% in the fourth quarter. KBC Group NV now owns 2,620 shares of the bank’s stock valued at $111,000 after acquiring an additional 745 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of OFG Bancorp by 3.9% during the second quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock valued at $895,000 after purchasing an additional 886 shares during the period. 92.73% of the stock is currently 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.