OFG Bancorp (NYSE:OFG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, “OFG Bancorp is a financial holding company that conducts its business activities through its subsidiaries, primarily in Puerto Rico. The company’s product and services consist of consumer banking and lending, commercial banking and wealth management. It offers residential mortgages, auto loans and leases, credit cards, business loans, commercial mortgages and leasing, cash management, transactional services, international trade financing, financial planning, money management, investment brokerage, corporate and individual trust, retirement products programs, and insurance. OFG Bancorp., formerly known as Oriental Financial Group Inc., is based in San Juan, Puerto Rico. “
OFG opened at $12.22 on Wednesday. OFG Bancorp has a 12-month low of $8.63 and a 12-month high of $23.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $13.20 and its 200-day simple moving average is $12.55. The company has a market capitalization of $627.40 million, a price-to-earnings ratio of 26.57 and a beta of 1.67.
OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Friday, July 24th. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.19. OFG Bancorp had a return on equity of 6.32% and a net margin of 5.71%. The business had revenue of $128.17 million for the quarter, compared to the consensus estimate of $128.60 million. On average, equities research analysts predict that OFG Bancorp will post 1.17 EPS for the current year.
In related news, CFO Maritza Arizmendi acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were bought at an average price of $12.32 per share, with a total value of $36,960.00. Following the completion of the transaction, the chief financial officer now directly owns 12,019 shares in the company, valued at $148,074.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ganesh Kumar acquired 5,825 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average cost of $13.09 per share, for a total transaction of $76,249.25. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 23,248 shares of company stock worth $299,933. 2.49% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Marshall Wace North America L.P. acquired a new stake in OFG Bancorp in the first quarter worth about $53,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in OFG Bancorp by 64.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,824 shares of the bank’s stock worth $43,000 after acquiring an additional 1,504 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in OFG Bancorp by 44.0% in the first quarter. PNC Financial Services Group Inc. now owns 5,316 shares of the bank’s stock worth $59,000 after acquiring an additional 1,625 shares in the last quarter. Aigen Investment Management LP boosted its holdings in OFG Bancorp by 976.0% in the first quarter. Aigen Investment Management LP now owns 5,972 shares of the bank’s stock worth $67,000 after acquiring an additional 5,417 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in OFG Bancorp by 140.3% in the second quarter. Bank of Montreal Can now owns 7,453 shares of the bank’s stock worth $91,000 after acquiring an additional 4,351 shares in the last quarter. 91.30% of the stock is currently owned by institutional investors.
OFG Bancorp Company Profile
OFG Bancorp, a financial holding company, provides various banking and financial services. It operates in three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, as well as time deposit products; commercial, consumer, auto, and mortgage lending products; financial planning, insurance, financial services, and investment brokerage; and corporate and individual trust, and retirement services.
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