OFG Bancorp (NYSE:OFG) Given New $48.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG - Get Free Report) had its price objective hoisted by investment analysts at Wells Fargo & Company from $45.00 to $48.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price objective points to a potential upside of 10.86% from the stock's previous close.

A number of other equities research analysts have also commented on OFG. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday. Piper Sandler cut their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Trading Down 1.8 %

Shares of OFG stock traded down $0.80 on Thursday, reaching $43.30. The company had a trading volume of 468,620 shares, compared to its average volume of 323,801. The stock has a market cap of $1.99 billion, a PE ratio of 10.53 and a beta of 1.02. The company has a 50-day moving average of $43.58 and a 200-day moving average of $43.22. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, topping 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 quarter in the previous year, the business earned $0.98 EPS. On average, equities analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its board has authorized a share repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.11% of the company's stock.

Institutional Trading of OFG Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its position in OFG Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank's stock worth $98,354,000 after buying an additional 19,372 shares during the period. Geode Capital Management LLC grew its stake in shares of OFG Bancorp by 0.4% in the third quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank's stock valued at $48,565,000 after acquiring an additional 4,398 shares in the last quarter. Wellington Management Group LLP increased its position in OFG Bancorp by 2.6% during the third 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 period. FMR LLC raised its stake in OFG Bancorp by 8.1% in the 3rd quarter. FMR LLC now owns 205,745 shares of the bank's stock worth $9,242,000 after purchasing an additional 15,498 shares in the last quarter. Finally, Algert Global LLC boosted its holdings in OFG Bancorp by 3.2% in the 3rd quarter. Algert Global LLC now owns 166,804 shares of the bank's stock valued at $7,493,000 after purchasing an additional 5,120 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

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.