OFG Bancorp (NYSE:OFG) Issues Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) posted its earnings results on Wednesday. The bank reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.10, Zacks reports. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.

OFG Bancorp Trading Up 1.4%

Shares of OFG stock opened at $52.91 on Wednesday. The company has a market capitalization of $2.24 billion, a PE ratio of 10.42 and a beta of 0.73. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47. The business’s fifty day moving average is $52.04 and its 200 day moving average is $48.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88.

Insider Buying and Selling

In related news, CEO Jose Fernandez sold 52,352 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Néstor de Jesús sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the transaction, the director owned 20,040 shares in the company, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 over the last ninety days. 1.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Zacks Research lowered shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Truist Financial boosted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a report on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, OFG Bancorp has an average rating of “Hold” and a consensus target price of $56.50.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.