OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) issued its quarterly earnings results on Wednesday. The bank reported $1.09 EPS for the quarter, topping the consensus estimate of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. During the same period in the previous year, the firm earned $0.98 EPS.

OFG Bancorp Trading Up 1.2 %

NYSE:OFG opened at $44.77 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The stock’s 50-day moving average is $43.59 and its two-hundred day moving average is $43.21. The stock has a market cap of $2.05 billion, a PE ratio of 10.89 and a beta of 1.02.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.23%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp declared that its board has authorized a stock buyback plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OFG shares. Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Wells Fargo & Company dropped their price target on OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. The trade was a 14.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.16% of the company’s stock.

OFG Bancorp Company Profile

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.