OFG Bancorp (NYSE:OFG) Shares Gap Down Following Weak Earnings

OFG Bancorp (NYSE:OFG) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $44.86, but opened at $42.87. OFG Bancorp shares last traded at $42.47, with a volume of 28,711 shares traded.

The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 25.58%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OFG shares. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Piper Sandler lowered 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. Finally, Hovde Group increased their price target on OFG Bancorp from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd.

Insider Activity at OFG Bancorp

In other news, Director Jorge Colon sold 33,081 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the completion of the transaction, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.11% of the stock is owned by insiders.

Institutional Trading of OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of OFG Bancorp by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after acquiring an additional 63,883 shares during the period. American Century Companies Inc. raised its stake in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock worth $36,212,000 after buying an additional 136,813 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock worth $22,905,000 after buying an additional 225,666 shares in the last quarter. Bank of New York Mellon Corp grew its stake in OFG Bancorp by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank’s stock valued at $19,157,000 after acquiring an additional 2,757 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in OFG Bancorp by 3.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 308,562 shares of the bank’s stock valued at $11,358,000 after acquiring an additional 10,186 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Price Performance

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 $1.95 billion, a PE ratio of 10.63 and a beta of 0.98. The company’s fifty day simple moving average is $43.71 and its two-hundred day simple moving average is $40.03.

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.