OFG Bancorp (NYSE:OFG) Announces Earnings Results

OFG Bancorp (NYSE:OFG) released its quarterly earnings results on Tuesday. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.18, FiscalAI reports. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The business had revenue of $185.80 million during the quarter, compared to analysts’ expectations of $179.16 million. During the same period in the previous year, the business posted $1.00 earnings per share. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year.

OFG Bancorp Trading Down 0.3%

Shares of OFG stock opened at $42.50 on Tuesday. OFG Bancorp has a 12-month low of $34.94 and a 12-month high of $46.11. The firm has a 50 day moving average price of $40.97 and a two-hundred day moving average price of $40.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.81 billion, a PE ratio of 9.28 and a beta of 0.67.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 3.3%. OFG Bancorp’s payout ratio is currently 30.57%.

Insider Transactions at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of the stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the transaction, the director directly owned 3,440 shares of the company’s stock, valued at approximately $144,686.40. This represents a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP increased its holdings in OFG Bancorp by 8.8% in the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock valued at $83,613,000 after buying an additional 164,818 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after purchasing an additional 13,121 shares in the last quarter. Millennium Management LLC raised its position in shares of OFG Bancorp by 7.8% in the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after acquiring an additional 57,572 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after buying an additional 133,046 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of OFG Bancorp by 0.5% in the fourth quarter. Deutsche Bank AG now owns 378,136 shares of the bank’s stock worth $15,496,000 after buying an additional 1,832 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp declared that its board has authorized a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 12% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OFG. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Piper Sandler initiated coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Finally, Truist Financial lowered their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.83.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.