OFG Bancorp (NYSE:OFG) Issues Earnings Results

OFG Bancorp (NYSE:OFG) released its quarterly earnings data on Wednesday. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm earned $0.98 earnings per share.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $44.77 on Wednesday. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The firm’s 50-day simple moving average is $43.59 and its 200 day simple moving average is $43.21. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market cap of $2.05 billion, a P/E ratio of 10.89 and a beta of 1.02.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is currently 24.33%.

Insider Activity at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated 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 sale, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

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

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

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.