OFG Bancorp (NYSE:OFG) Stock Rating Reaffirmed by Piper Jaffray Companies

OFG Bancorp (NYSE:OFG)‘s stock had its “hold” rating restated by research analysts at Piper Jaffray Companies in a report released on Friday. They presently have a $12.50 price objective on the bank’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 24.38% from the company’s current price.

OFG has been the topic of a number of other reports. ValuEngine cut OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $14.00 price target on shares of OFG Bancorp in a research note on Thursday, April 13th. Finally, BidaskClub cut OFG Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. OFG Bancorp presently has an average rating of “Hold” and a consensus price target of $12.83.

Shares of OFG Bancorp (NYSE:OFG) opened at 10.05 on Friday. The firm’s 50-day moving average is $9.91 and its 200-day moving average is $11.46. OFG Bancorp has a 52-week low of $9.05 and a 52-week high of $14.48. The firm has a market cap of $441.67 million, a P/E ratio of 9.54 and a beta of 1.48.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Friday, July 21st. The bank reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.03. The business had revenue of $100.45 million for the quarter, compared to analysts’ expectations of $90.95 million. OFG Bancorp had a return on equity of 8.05% and a net margin of 14.19%. During the same period in the previous year, the firm earned $0.25 EPS. Analysts anticipate that OFG Bancorp will post $1.09 earnings per share for the current year.

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A number of institutional investors have recently made changes to their positions in the company. LSV Asset Management boosted its position in shares of OFG Bancorp by 12.4% in the first quarter. LSV Asset Management now owns 1,321,306 shares of the bank’s stock worth $15,591,000 after buying an additional 145,360 shares during the period. Algert Global LLC boosted its position in OFG Bancorp by 129.5% in the first quarter. Algert Global LLC now owns 25,457 shares of the bank’s stock valued at $300,000 after buying an additional 14,364 shares during the period. Bank of New York Mellon Corp boosted its position in OFG Bancorp by 11.9% in the first quarter. Bank of New York Mellon Corp now owns 735,271 shares of the bank’s stock valued at $8,676,000 after buying an additional 78,295 shares during the period. Prudential Financial Inc. boosted its position in OFG Bancorp by 1.8% in the first quarter. Prudential Financial Inc. now owns 297,194 shares of the bank’s stock valued at $3,507,000 after buying an additional 5,220 shares during the period. Finally, New York State Teachers Retirement System boosted its position in OFG Bancorp by 0.3% in the fourth quarter. New York State Teachers Retirement System now owns 32,564 shares of the bank’s stock valued at $427,000 after buying an additional 100 shares during the period. 99.48% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.