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Wells Fargo Sticks to Their Buy Rating for OFG Bancorp (OFG)

In a report released today, Timur Braziler from Wells Fargo maintained a Buy rating on OFG Bancorp (OFGResearch Report), with a price target of $33.00. The company’s shares closed last Tuesday at $28.17.

According to TipRanks.com, Braziler is a 2-star analyst with an average return of 3.0% and a 42.9% success rate. Braziler covers the Financial sector, focusing on stocks such as First Bancorp Puerto Rico, Banc of California, and Western Alliance.

Currently, the analyst consensus on OFG Bancorp is a Moderate Buy with an average price target of $31.00.

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Based on OFG Bancorp’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $124 million and net profit of $41.67 million. In comparison, last year the company earned revenue of $116 million and had a net profit of $27.44 million.

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OFG Bancorp operates as a holding company, which engages in the provision of banking and financial services. It operates through the following segments: Banking, Wealth Management, and Treasury. The Banking segment includes its branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. The Wealth Management segment involves in financial planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trust and retirement services, and retirement plan administration services. The Treasury segment encompasses all its asset and liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. The company was founded in 1964 and is headquartered in San Juan, Puerto Rico.

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