UPDATE: Sterne Agee Raises Price Target on OFG Bancorp

In a report published on Wednesday, Sterne Agee analysts Todd Hagerman and Robert Greene raised the price target on

to $23.00 and reiterated a Buy rating on the company. In the report, Hagerman and Greene state, "The benefits of the recent BBVAPR transaction continue to shine, including record loan production, momentum in fee income bus. lines and better-than-expected expense control...Given expectations for an October completion of the integration, our sense is OFG will emerge as a more profitable and less encumbered competitor in a highly competitive Puerto Rico banking market. OFG Bancorp traded up 0.16% to $18.40/sh on Wednesday.