OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

OFG Bancorp (NYSE:OFG) announced its quarterly earnings data on Wednesday. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the prior year, the company posted $0.98 earnings per share.

OFG Bancorp Price Performance

NYSE OFG opened at $43.30 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.99 billion, a PE ratio of 10.26 and a beta of 1.02. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The company has a 50 day moving average price of $43.57 and a two-hundred day moving average price of $43.22.

OFG Bancorp Announces Dividend

The company also recently declared 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 was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. OFG Bancorp’s payout ratio is 23.70%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OFG shares. Piper Sandler reduced their price target 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, October 17th. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday.

Insider Transactions at OFG Bancorp

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

OFG Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.