OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results, Misses Expectations By $0.02 EPS

OFG Bancorp (NYSE:OFG) released its earnings results on Wednesday. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02), Briefing.com reports. The company had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 EPS.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $41.57 on Friday. OFG Bancorp has a 52-week low of $28.32 and a 52-week high of $47.57. The firm has a fifty day moving average of $43.71 and a 200-day moving average of $40.03. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.95 billion, a P/E ratio of 10.63 and a beta of 0.98.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.41%. OFG Bancorp’s dividend payout ratio is presently 25.58%.

Insider Activity

In related news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $45.73, for a total value of $1,512,794.13. Following the transaction, the director now owns 70,919 shares in the company, valued at approximately $3,243,125.87. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OFG. Wells Fargo & Company lifted their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Hovde Group boosted their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Piper Sandler reduced their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday.

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.