Wells Fargo & Company Issues Positive Forecast for OFG Bancorp (NYSE:OFG) Stock Price

OFG Bancorp (NYSE:OFG) had its target price boosted by Wells Fargo & Company from $45.00 to $49.00 in a research note published on Monday morning, Marketbeat Ratings reports. They currently have an equal weight rating on the bank’s stock.

Other analysts have also issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Finally, Truist Financial raised their target price on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $48.00.

OFG Bancorp Trading Up 0.2%

Shares of NYSE:OFG opened at $49.80 on Monday. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $50.66. The company has a market cap of $2.10 billion, a PE ratio of 10.29 and a beta of 0.70. The stock has a 50 day moving average of $46.44 and a 200 day moving average of $43.00. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.33.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. The company had revenue of $185.80 million for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. As a group, equities research analysts expect that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.8%. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Large investors have recently made changes to their positions in the stock. First Trust Advisors LP increased its holdings in OFG Bancorp by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after purchasing an additional 281,593 shares during the last quarter. Qube Research & Technologies Ltd raised its position in OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in OFG Bancorp during the fourth quarter worth $4,224,000. Squarepoint Ops LLC boosted its position in shares of OFG Bancorp by 990.9% during the fourth quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock worth $4,170,000 after buying an additional 92,419 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of OFG Bancorp by 518.1% during the second quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock worth $4,683,000 after buying an additional 91,723 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

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.