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

OFG Bancorp (NYSE:OFG) had its price target lowered by stock analysts at Wells Fargo & Company from $49.00 to $45.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 7.89% from the company’s previous close.

A number of other research firms also recently issued reports on OFG. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler lowered their target price on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th.

OFG Bancorp Price Performance

OFG stock opened at $41.71 on Monday. The business has a 50 day moving average price of $43.59 and a 200 day moving average price of $42.81. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 10.15 and a beta of 1.02. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. Equities research analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp declared that its board has initiated a share buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Arizona State Retirement System boosted its stake in shares of OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after acquiring an additional 247 shares in the last quarter. GAMMA Investing LLC boosted its position in OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares in the last quarter. XTX Topco Ltd grew its holdings in OFG Bancorp by 5.2% in the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after purchasing an additional 413 shares during the last quarter. Martingale Asset Management L P increased its position in shares of OFG Bancorp by 0.5% in the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after buying an additional 460 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of OFG Bancorp by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after buying an additional 568 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

About OFG Bancorp

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.