OFG Bancorp (NYSE:OFG) Announces Earnings Results, Beats Expectations By $0.12 EPS

OFG Bancorp (NYSE:OFG) issued its quarterly earnings data on Wednesday. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. During the same quarter last year, the company posted $0.98 EPS.

OFG Bancorp Stock Down 1.3 %

OFG stock opened at $44.15 on Thursday. The stock’s 50 day simple moving average is $43.58 and its 200 day simple moving average is $43.22. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $2.03 billion, a P/E ratio of 10.74 and a beta of 1.02.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is currently 24.33%.

OFG Bancorp declared that its board has authorized a share repurchase program on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other OFG Bancorp 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 transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly 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 document filed with the SEC, which is accessible through this hyperlink. 3.11% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.