OFG Bancorp price target lowered to $47 from $49 at Piper Sandler

Piper Sandler analyst Frank Schiraldi lowered the firm’s price target on OFG Bancorp to $47 from $49 and keeps an Overweight rating on the shares. The firm notes OFG reported a miss in Q3 though following results Piper sees only modest reduction to its numbers as a thinner net interest margin is somewhat offset by a bigger balance sheet. Management continued to provide positive commentary on the PR economy and talked up loan growth. Though the firm was surprised by an uptick in NCO levels in the consumer book, ultimately delinquencies were flat and given the economic backdrop continues to provide strong tailwinds, Piper expects credit should be fairly stable from here.