Hovde Group Cuts OFG Bancorp (NYSE:OFG) Price Target to $50.00

OFG Bancorp (NYSE:OFG - Get Free Report) had its price target decreased by equities researchers at Hovde Group from $53.50 to $50.00 in a research report issued on Thursday, Marketbeat reports. The firm presently has an "outperform" rating on the bank's stock. Hovde Group's price target suggests a potential upside of 28.17% from the company's previous close.

A number of other brokerages have also issued reports on OFG. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, January 23rd. Wells Fargo & Company cut OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th.

OFG Bancorp Price Performance

Shares of OFG traded up $1.00 during mid-day trading on Thursday, hitting $39.01. 382,597 shares of the stock were exchanged, compared to its average volume of 300,983. The company has a market cap of $1.77 billion, a PE ratio of 9.24 and a beta of 0.74. The firm has a 50-day moving average of $38.94 and a two-hundred day moving average of $41.62. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the previous year, the business earned $1.05 earnings per share. On average, equities analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of OFG Bancorp in the fourth quarter valued at about $7,289,000. Bridgeway Capital Management LLC purchased a new position in shares of OFG Bancorp during the 4th quarter valued at approximately $5,205,000. Empowered Funds LLC acquired a new position in OFG Bancorp during the fourth quarter worth $4,570,000. Foundry Partners LLC raised its position in shares of OFG Bancorp by 76.5% during the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock worth $10,041,000 after purchasing an additional 102,841 shares during the last quarter. Finally, Tudor Investment Corp ET AL lifted its position in shares of OFG Bancorp by 139.1% in the fourth quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock valued at $7,470,000 after acquiring an additional 102,680 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.