OFG Bancorp price target lowered to $42 from $44 at Piper Sandler

Piper Sandler lowered the firm’s price target on OFG Bancorp (OFG) to $42 from $44 and keeps an Overweight rating on the shares. The firm notes OFG reported a slight miss versus Piper, but a slight beat versus consensus. Management continued to provide positive commentary around the local economy and talked up healthy loan pipelines though lq growth was more modest at 0.8%. Strong profitability and robust capital levels should continue to support meaningful buyback activity, the firm adds.