Truist Financial Lowers OFG Bancorp (NYSE:OFG) Price Target to $44.00

OFG Bancorp (NYSE:OFG) had its price objective decreased by stock analysts at Truist Financial from $48.00 to $44.00 in a report issued on Monday, MarketBeat reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s target price suggests a potential upside of 16.04% from the stock’s previous close.

Several other research analysts also recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Wells Fargo & Company decreased their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Piper Sandler began coverage on OFG Bancorp in a research note on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective for the company. Finally, UBS Group set a $50.00 target price on shares of OFG Bancorp in a research note on Thursday, October 9th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Stock Performance

NYSE:OFG opened at $37.92 on Monday. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 8.28 and a beta of 0.77. The business has a 50 day moving average of $40.91 and a 200 day moving average of $42.04. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.11.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.16 by $0.11. The firm had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. On average, sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director directly owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the transaction, the director owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. This trade represents a 47.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,500 shares of company stock worth $2,564,302 over the last ninety days. Company insiders own 2.16% of the company’s stock.

Institutional Trading of OFG Bancorp

A number of institutional investors have recently made changes to their positions in OFG. TD Waterhouse Canada Inc. lifted its position in shares of OFG Bancorp by 4.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 23,022 shares of the bank’s stock worth $943,000 after buying an additional 1,080 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of OFG Bancorp by 57.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,900 shares of the bank’s stock worth $816,000 after acquiring an additional 7,278 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of OFG Bancorp by 11.9% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,682 shares of the bank’s stock worth $233,000 after purchasing an additional 602 shares during the period. Range Financial Group LLC grew its holdings in OFG Bancorp by 13.0% during the 4th quarter. Range Financial Group LLC now owns 50,351 shares of the bank’s stock valued at $2,063,000 after purchasing an additional 5,786 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in OFG Bancorp by 9.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 16,899 shares of the bank’s stock valued at $693,000 after acquiring an additional 1,480 shares during the period. 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.