OFG Bancorp (NYSE:OFG) Price Target Raised to $49.00 at Wells Fargo & Company

OFG Bancorp (NYSE:OFG) had its price objective upped by equities research analysts at Wells Fargo & Company from $45.00 to $49.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 0.99% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Truist Financial upped their price objective on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $48.00.

OFG Bancorp Stock Performance

Shares of OFG opened at $49.49 on Monday. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 10.22 and a beta of 0.70. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $50.66. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average price of $46.37 and a 200 day moving average price of $42.94.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The company had revenue of $185.80 million for the quarter. Research analysts predict that OFG Bancorp will post 4.75 EPS for the current fiscal year.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently modified their holdings of OFG. Quarry LP purchased a new position in OFG Bancorp in the 3rd quarter valued at $35,000. EverSource Wealth Advisors LLC raised its position in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter worth $97,000. Royal Bank of Canada boosted its holdings in shares of OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of OFG Bancorp during the second quarter worth about $162,000. Hedge funds and other 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.