Wells Fargo & Company Downgrades OFG Bancorp (NYSE:OFG) to Equal Weight

Wells Fargo & Company cut shares of OFG Bancorp (NYSE:OFG - Free Report) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Wells Fargo & Company currently has $42.00 target price on the bank's stock, down from their previous target price of $48.00.

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

OFG Bancorp Price Performance

NYSE OFG traded down $0.51 on Wednesday, reaching $34.37. 71,770 shares of the stock traded hands, compared to its average volume of 294,956. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $47.66. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 8.14 and a beta of 0.74. The firm's fifty day simple moving average is $40.30 and its 200 day simple moving average is $42.10. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

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OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same quarter in the previous year, the company earned $0.98 earnings per share. As a group, research analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.30 dividend. This is an increase from OFG Bancorp's previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 3.49%. The ex-dividend date is Monday, March 31st. OFG Bancorp's dividend payout ratio is currently 28.44%.

Hedge Funds Weigh In On OFG Bancorp

A number of large investors have recently made changes to their positions in the business. State Street Corp grew its position in OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank's stock valued at $98,354,000 after purchasing an additional 19,372 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in OFG Bancorp by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank's stock valued at $69,922,000 after purchasing an additional 14,618 shares during the last quarter. Nuveen Asset Management LLC increased its position in OFG Bancorp by 0.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,187,781 shares of the bank's stock worth $50,267,000 after purchasing an additional 9,658 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of OFG Bancorp by 8.3% during the 4th quarter. American Century Companies Inc. now owns 1,167,849 shares of the bank's stock valued at $49,423,000 after buying an additional 89,450 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of OFG Bancorp by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank's stock valued at $48,565,000 after buying an additional 4,398 shares in 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.