UPDATE: Sterne Agee Raises Price Target on OFG Bancorp on Recent BBVAPR Transaction

In a report published on Wednesday, Sterne Agee analyst Todd Hagerman raised the price target on OFG Bancorp (NYSE: OFG) from $20.00 to $23.00 and reiterated a Buy rating on the company.

In the report, Sterne Agee Stated, "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 closed on Tuesday at $18.37.