OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) announced its quarterly earnings results on Thursday. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.10, Briefing.com reports. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. During the same quarter last year, the business posted $0.96 earnings per share.

OFG Bancorp Stock Up 0.2 %

OFG opened at $33.44 on Friday. The firm has a market cap of $1.58 billion, a P/E ratio of 8.75 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50 day moving average price of $35.79 and a 200 day moving average price of $34.65. OFG Bancorp has a twelve month low of $22.34 and a twelve month high of $39.04.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.99%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.18%.

Analyst Ratings Changes

Separately, Wells Fargo & Company cut their price objective on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th.

Insider Buying and Selling at OFG Bancorp

In other news, insider Ganesh Kumar sold 9,071 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $35.18, for a total value of $319,117.78. Following the completion of the sale, the insider now directly owns 144,502 shares in the company, valued at $5,083,580.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 34,536 shares of company stock worth $1,238,317 over the last 90 days. Insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in OFG Bancorp by 1,956.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 178,726 shares of the bank’s stock valued at $38,000 after buying an additional 170,034 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of OFG Bancorp by 734.8% in the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock valued at $42,000 after acquiring an additional 1,477 shares during the period. West Tower Group LLC grew its stake in shares of OFG Bancorp by 262.8% in the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock worth $44,000 after acquiring an additional 854 shares during the last quarter. Quarry LP increased its position in OFG Bancorp by 101.3% during the first quarter. Quarry LP now owns 2,562 shares of the bank’s stock worth $64,000 after acquiring an additional 1,289 shares during the period. Finally, Creative Planning bought a new position in OFG Bancorp during the third quarter worth $94,000. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.