OFG Bancorp (OFG) Stock Rating Upgraded by Sandler O’Neill
OFG Bancorp (NYSE:OFG) was upgraded by stock analysts at Sandler O’Neill from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $12.00 price target on the bank’s stock. Sandler O’Neill’s price objective suggests a potential upside of 34.83% from the company’s current price.
Several other research analysts have also recently commented on OFG. ValuEngine cut shares of OFG Bancorp from a “strong-buy” rating to a “buy” rating in a report on Monday, July 17th. BidaskClub cut shares of OFG Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $12.50 target price on shares of OFG Bancorp in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $12.33.
Shares of OFG Bancorp (NYSE:OFG) opened at 8.90 on Monday. OFG Bancorp has a 52-week low of $8.10 and a 52-week high of $14.48. The firm has a market capitalization of $391.13 million, a P/E ratio of 8.06 and a beta of 1.52. The company’s 50-day moving average price is $8.91 and its 200-day moving average price is $9.73.
OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, October 25th. The bank reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.12. OFG Bancorp had a net margin of 11.92% and a return on equity of 9.05%. The company had revenue of $98.39 million for the quarter, compared to analysts’ expectations of $90.60 million. During the same period last year, the firm earned $0.14 earnings per share. On average, equities research analysts expect that OFG Bancorp will post $1.10 EPS for the current fiscal year.
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Several institutional investors and hedge funds have recently made changes to their positions in the company. Stilwell Value LLC increased its holdings in shares of OFG Bancorp by 961.5% during the second quarter. Stilwell Value LLC now owns 13,289,640 shares of the bank’s stock worth $13,290,000 after purchasing an additional 12,037,639 shares during the period. Vanguard Group Inc. increased its holdings in shares of OFG Bancorp by 5.7% during the second quarter. Vanguard Group Inc. now owns 5,058,799 shares of the bank’s stock worth $50,588,000 after purchasing an additional 271,986 shares during the period. State Street Corp increased its holdings in shares of OFG Bancorp by 31.6% during the first quarter. State Street Corp now owns 1,749,823 shares of the bank’s stock worth $20,653,000 after purchasing an additional 420,589 shares during the period. Numeric Investors LLC increased its holdings in shares of OFG Bancorp by 2.8% during the second quarter. Numeric Investors LLC now owns 1,621,818 shares of the bank’s stock worth $16,218,000 after purchasing an additional 44,700 shares during the period. Finally, LSV Asset Management increased its holdings in shares of OFG Bancorp by 0.3% during the second quarter. LSV Asset Management now owns 1,324,706 shares of the bank’s stock worth $13,247,000 after purchasing an additional 3,400 shares during the period. 96.75% of the stock is currently owned by institutional investors.
About OFG Bancorp
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.
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