OFG Bancorp (NYSE:OFG) Announces Earnings Results

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

OFG Bancorp Stock Performance

NYSE:OFG opened at $41.37 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $1.94 billion, a PE ratio of 10.58 and a beta of 0.98. OFG Bancorp has a fifty-two week low of $28.32 and a fifty-two week high of $47.57. The company has a fifty day moving average of $43.71 and a two-hundred day moving average of $40.02.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.42%. OFG Bancorp’s dividend payout ratio is currently 25.58%.

Analyst Ratings Changes

OFG has been the subject of several analyst reports. Hovde Group boosted their target price on shares of 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 objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Wells Fargo & Company raised their target price on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

Insider Activity

In related news, Director Jorge Colon sold 33,081 shares of OFG Bancorp 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 sale, the director now directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.11% of the company’s stock.

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.