OFG Bancorp (NYSE:OFG) Downgraded to Equal Weight Rating by Wells Fargo & Company

Wells Fargo & Company downgraded shares of OFG Bancorp (NYSE:OFG) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat Ratings reports. The firm currently has $42.00 price objective on the bank’s stock, down from their previous price objective of $48.00.

Separately, Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd.

OFG Bancorp Stock Down 5.0 %

Shares of OFG traded down $1.85 during mid-day trading on Wednesday, reaching $35.13. The company had a trading volume of 95,606 shares, compared to its average volume of 293,523. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.86 and a current ratio of 0.85. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 8.32 and a beta of 0.74. The firm has a 50-day moving average price of $40.61 and a 200 day moving average price of $42.25. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, topping 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 period in the prior year, the business earned $0.98 EPS. On average, sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 3.42%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.44%.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after acquiring an additional 263 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of OFG Bancorp by 1.8% during the 4th quarter. TD Waterhouse Canada Inc. now owns 21,041 shares of the bank’s stock valued at $890,000 after purchasing an additional 369 shares during the period. Prudential Financial Inc. increased its position in shares of OFG Bancorp by 0.5% during the 4th quarter. Prudential Financial Inc. now owns 67,999 shares of the bank’s stock valued at $2,878,000 after purchasing an additional 370 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of OFG Bancorp by 5.2% in the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock worth $377,000 after purchasing an additional 413 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of OFG Bancorp by 9.0% in the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank’s stock worth $224,000 after buying an additional 438 shares during the last quarter. 92.73% of the stock is 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.