OFG Bancorp (NYSE:OFG) Announces Earnings Results

OFG Bancorp (NYSE:OFG) released its quarterly earnings results on Wednesday. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the previous year, the business earned $0.98 earnings per share.

OFG Bancorp Stock Down 1.8 %

OFG opened at $43.30 on Friday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a market capitalization of $1.99 billion, a P/E ratio of 10.26 and a beta of 1.02. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The firm’s fifty day moving average price is $43.57 and its two-hundred day moving average price is $43.22.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. OFG Bancorp’s payout ratio is 23.70%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Piper Sandler dropped their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th.

OFG Bancorp announced that its board has authorized a share buyback program on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.11% of the stock is owned by insiders.

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.