OFG Bancorp (NYSE:OFG) Posts Earnings Results, Beats Expectations By $0.10 EPS

OFG Bancorp (NYSE:OFG) issued its quarterly earnings data on Thursday. The bank reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.10, Zacks reports. The firm had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a return on equity of 15.23% and a net margin of 22.10%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the company earned $1.08 EPS.

OFG Bancorp Stock Performance

NYSE:OFG opened at $45.92 on Friday. The stock has a 50-day simple moving average of $42.50 and a two-hundred day simple moving average of $41.24. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The firm has a market capitalization of $2.06 billion, a PE ratio of 11.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.84 and a current ratio of 0.85.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Monday, June 30th. OFG Bancorp’s dividend payout ratio is presently 28.78%.

Insider Activity

In related news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total transaction of $207,200.00. Following the sale, the chief financial officer owned 63,470 shares of the company’s stock, valued at approximately $2,630,196.80. This trade represents a 7.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

An institutional investor recently raised its position in OFG Bancorp stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of OFG Bancorp (NYSE:OFG) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,719 shares of the bank’s stock after purchasing an additional 552 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.06% of OFG Bancorp worth $1,069,000 at the end of the most recent quarter. Institutional investors own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on OFG shares. Wall Street Zen cut OFG Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, July 12th. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company boosted their target price on OFG Bancorp from $42.00 to $48.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Piper Sandler reduced their target price on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Finally, Hovde Group reduced their target price on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $47.50.

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.