Keefe, Bruyette & Woods Issues Positive Forecast for OFG Bancorp (NYSE:OFG) Stock Price

OFG Bancorp (NYSE:OFG) had its price target lifted by analysts at Keefe, Bruyette & Woods from $53.00 to $55.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 24.57% from the company’s previous close.

Several other research analysts have also recently issued reports on OFG. Wells Fargo & Company decreased their price objective on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $44.15 on Thursday. The firm’s 50 day moving average is $43.58 and its two-hundred day moving average is $43.22. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The firm has a market capitalization of $2.03 billion, a P/E ratio of 10.74 and a beta of 1.02. 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 (NYSE:OFG) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate 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 period last year, the company earned $0.98 EPS. Analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has authorized a share buyback program on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’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 transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.11% of the stock is currently owned by insiders.

Institutional Trading of OFG Bancorp

Large investors have recently added to or reduced their stakes in the business. Foundry Partners LLC acquired a new position in OFG Bancorp in the 3rd quarter worth approximately $6,038,000. Marshall Wace LLP acquired a new position in OFG Bancorp in the 2nd quarter worth approximately $2,112,000. Intech Investment Management LLC boosted its stake in OFG Bancorp by 411.3% in the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after purchasing an additional 51,798 shares during the period. Renaissance Technologies LLC boosted its stake in OFG Bancorp by 293.2% in the 2nd quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank’s stock worth $2,386,000 after purchasing an additional 47,500 shares during the period. Finally, Barclays PLC boosted its stake in OFG Bancorp by 83.6% in the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after purchasing an additional 43,738 shares during the period. 92.73% of the stock is currently owned by 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.