OFG Bancorp (NYSE:OFG) Given New $45.00 Price Target at Wells Fargo & Company

OFG Bancorp (NYSE:OFG - Free Report) had its price objective lowered by Wells Fargo & Company from $49.00 to $45.00 in a research report report published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank's stock.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods upped their price objective on OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Piper Sandler reduced their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th.

OFG Bancorp Stock Down 0.3 %

Shares of OFG stock traded down $0.13 during mid-day trading on Monday, hitting $42.26. The company's stock had a trading volume of 258,124 shares, compared to its average volume of 246,475. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The business has a 50-day moving average price of $43.53 and a 200 day moving average price of $42.74. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 10.28 and a beta of 1.02.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million for the quarter, compared to analysts' expectations of $178.25 million. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts predict that OFG Bancorp will post 4.11 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp's payout ratio is 24.33%.

OFG Bancorp declared that its board has authorized a share buyback plan on Monday, October 28th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication 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 company's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock valued at $34,000 after acquiring an additional 263 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock valued at $50,000 after purchasing an additional 1,070 shares during the last quarter. Quarry LP grew its position in shares of OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank's stock valued at $75,000 after purchasing an additional 996 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock worth $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of OFG Bancorp by 56.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank's stock worth $115,000 after buying an additional 926 shares in the last quarter. Institutional investors own 92.73% of the company's stock.

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.