UPDATE: Sterne Agee Initiates Oriental Financial Group at Buy on Growth and Earnings Outlook
Sterne Agee initiated coverage on Oriental Financial Group (NYSE: OFG) with a Buy rating and a $14 price target.
Sterne Agee noted, "With the pending acquisition of BBVAPR and recent capital raise, OFG has been able to deploy its excess capital (29.25% Tier 1 Common) in a manner that will strengthen its earnings profile, bolster profitability and reduce its credit exposure (via marks on acquired loans/a larger overall balance sheet). Additionally, the transaction gives the company greater critical mass and a more diversified earnings stream in a highly competitive Puerto Rican market."
Oriental Financial Group closed at $10.25 on Tuesday.
Latest Ratings for OFG
|Jul 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
|Apr 2016||Merion Capital Group||Maintains||Outperform|
|Apr 2016||PiperJaffray||Initiates Coverage on||Neutral|
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