Zacks Research Upgrades OFG Bancorp (NYSE:OFG) to Strong-Buy

OFG Bancorp (NYSE:OFG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Truist Financial upped their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Finally, Benchmark assumed coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

OFG Bancorp Stock Performance

Shares of NYSE:OFG opened at $52.55 on Wednesday. The company’s 50 day moving average price is $48.57 and its two-hundred day moving average price is $44.18. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.30. The firm has a market cap of $2.22 billion, a PE ratio of 10.34 and a beta of 0.70. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. The company had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the previous year, the business earned $1.15 earnings per share. Equities research analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the sale, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. This represents a 25.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OFG. Unison Advisors LLC grew its position in OFG Bancorp by 0.7% during the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after acquiring an additional 221 shares during the last quarter. Trexquant Investment LP increased its holdings in OFG Bancorp by 0.4% in the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock worth $4,218,000 after purchasing an additional 446 shares in the last quarter. Polymer Capital Management US LLC raised its position in OFG Bancorp by 5.6% in the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after purchasing an additional 466 shares during the last quarter. California State Teachers Retirement System raised its position in OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after purchasing an additional 506 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.