OFG Bancorp (NYSE:OFG) Issues Quarterly Earnings Results

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

OFG Bancorp Stock Performance

Shares of OFG stock opened at $41.57 on Friday. OFG Bancorp has a 1-year low of $28.32 and a 1-year high of $47.57. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 10.63 and a beta of 0.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock’s fifty day simple moving average is $43.71 and its 200-day simple moving average is $40.03.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. OFG Bancorp’s payout ratio is currently 25.58%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Hovde Group upped their price objective on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company upped their target price on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp 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 $3,243,125.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.11% of the company’s stock.

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.