OFG Bancorp (NYSE:OFG) Cut to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company lowered shares of OFG Bancorp (NYSE:OFG) from an overweight rating to an equal weight rating in a report published on Wednesday morning, MarketBeat reports. The brokerage currently has $42.00 target price on the bank’s stock, down from their previous target price of $48.00.

Separately, Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd.

OFG Bancorp Stock Performance

OFG opened at $34.89 on Wednesday. The stock’s 50 day simple moving average is $40.30 and its 200-day simple moving average is $42.12. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.59 billion, a PE ratio of 8.27 and a beta of 0.74. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period last year, the firm posted $0.98 EPS. Sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is currently 28.44%.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in OFG Bancorp by 8.1% during the third quarter. FMR LLC now owns 205,745 shares of the bank’s stock worth $9,242,000 after buying an additional 15,498 shares during the last quarter. State Street Corp boosted its holdings in shares of OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after acquiring an additional 19,372 shares in the last quarter. Wellington Management Group LLP grew its position in OFG Bancorp by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 769,727 shares of the bank’s stock worth $34,576,000 after acquiring an additional 19,599 shares during the last quarter. Jane Street Group LLC increased its holdings in OFG Bancorp by 32.1% during the 3rd quarter. Jane Street Group LLC now owns 82,203 shares of the bank’s stock valued at $3,693,000 after purchasing an additional 19,963 shares in the last quarter. Finally, XTX Topco Ltd raised its position in OFG Bancorp by 5.2% in the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after purchasing an additional 413 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.