OFG Bancorp (NYSE:OFG) Releases Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) announced its earnings results on Thursday. The bank reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12, Briefing.com reports. The firm had revenue of $179.40 million for the quarter, compared to the consensus estimate of $176.09 million. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS.

OFG Bancorp Price Performance

OFG Bancorp stock traded up $0.59 during midday trading on Friday, hitting $43.59. 2,998 shares of the company’s stock were exchanged, compared to its average volume of 229,473. OFG Bancorp has a 52-week low of $28.18 and a 52-week high of $44.21. The company has a market cap of $2.05 billion, a P/E ratio of 11.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50-day moving average price of $37.48 and a two-hundred day moving average price of $36.59.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. OFG Bancorp’s payout ratio is currently 25.58%.

Insider Activity at OFG Bancorp

In other news, insider Ganesh Kumar sold 6,695 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the completion of the sale, the insider now owns 76,578 shares of the company’s stock, valued at approximately $2,904,603.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

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.