OFG Bancorp (NYSE:OFG) Given New $51.00 Price Target at Hovde Group

OFG Bancorp (NYSE:OFG) had its target price lifted by equities research analysts at Hovde Group from $44.00 to $51.00 in a research report issued on Monday, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 8.88% from the stock’s previous close.

Separately, Wells Fargo & Company decreased their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th.

OFG Bancorp Trading Up 3.3 %

Shares of OFG stock opened at $46.84 on Monday. OFG Bancorp has a 12-month low of $28.18 and a 12-month high of $47.57. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $37.93 and its 200 day moving average is $36.79. The stock has a market capitalization of $2.20 billion, a P/E ratio of 11.98 and a beta of 1.00.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, July 18th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.12. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $176.09 million. During the same quarter last year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis.

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 6,695 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the transaction, the insider now directly owns 76,578 shares in the company, valued at $2,904,603.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC raised its position in shares of OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at $90,000. EntryPoint Capital LLC bought a new stake in OFG Bancorp in the 1st quarter valued at $121,000. Lazard Asset Management LLC increased its holdings in OFG Bancorp by 206.6% in the 1st quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after acquiring an additional 2,804 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in OFG Bancorp by 23.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock valued at $338,000 after acquiring an additional 1,765 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

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.