OFG Bancorp (NYSE:OFG) Issues Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) issued its quarterly earnings results on Wednesday. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. During the same period last year, the company posted $0.98 EPS.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $44.15 on Thursday. The company has a 50 day moving average of $43.58 and a 200-day moving average of $43.22. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market cap of $2.03 billion, a PE ratio of 10.74 and a beta of 1.02.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 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 legal filing with the SEC, which is accessible through this hyperlink. 3.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OFG has been the topic of several recent analyst reports. Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company decreased their price target on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

OFG Bancorp announced that its Board of Directors has authorized a share buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is 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.