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

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

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd. Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Truist Financial raised their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. One 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

OFG Bancorp Price Performance

Shares of OFG stock opened at $52.55 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. The stock’s fifty day simple moving average is $48.57 and its 200 day simple moving average is $44.18. OFG Bancorp has a one year low of $35.71 and a one year high of $53.30. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million for 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 quarter in the previous year, the company earned $1.15 EPS. On average, analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction that occurred on Friday, July 24th. The shares were 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 owned 152,657 shares in the company, valued at $8,006,859.65. The trade was 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 large investors have recently made changes to their positions in the stock. Unison Advisors LLC increased its stake in OFG Bancorp by 0.7% in the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after buying an additional 221 shares during the last quarter. Trexquant Investment LP raised its stake in shares of OFG Bancorp by 0.4% during 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 grew its stake in shares of 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 buying an additional 466 shares in the last quarter. California State Teachers Retirement System raised its position in OFG Bancorp by 1.2% during the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after acquiring an additional 506 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the last quarter. Institutional investors and hedge funds 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.