Zacks Research Downgrades OFG Bancorp (NYSE:OFG) to Hold

OFG Bancorp (NYSE:OFG) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on OFG. Wells Fargo & Company lifted their price objective on OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Piper Sandler restated a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Finally, Truist Financial lifted their price target on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, OFG Bancorp currently has an average rating of “Hold” and an average price target of $47.20.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $50.18 on Tuesday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $50.66. The company has a 50 day simple moving average of $46.19 and a two-hundred day simple moving average of $42.84. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 10.37 and a beta of 0.69. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. The firm had revenue of $185.80 million for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%. Analysts expect 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 bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in OFG Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after buying an additional 27,774 shares during the last quarter. First Trust Advisors LP grew its stake in shares of OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock worth $93,945,000 after acquiring an additional 281,593 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of OFG Bancorp by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after acquiring an additional 13,121 shares during the period. American Century Companies Inc. raised its holdings in shares of OFG Bancorp by 8.1% during the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after purchasing an additional 108,635 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of OFG Bancorp by 7.8% during the third quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after purchasing an additional 57,572 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

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.