OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

OFG Bancorp (NYSE:OFG) issued its quarterly earnings data on Thursday. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.10, Briefing.com reports. The company had revenue of $213.49 million for the quarter, compared to analyst estimates of $175.20 million. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. During the same period last year, the company posted $0.96 earnings per share.

OFG Bancorp Price Performance

Shares of OFG opened at $34.81 on Friday. The firm has a market capitalization of $1.64 billion, a PE ratio of 8.90 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83. OFG Bancorp has a 1-year low of $22.34 and a 1-year high of $39.04. The company’s fifty day moving average price is $35.76 and its 200-day moving average price is $34.68.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.25 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s payout ratio is currently 25.58%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

Insider Activity

In other news, insider Ganesh Kumar sold 9,071 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $35.18, for a total transaction of $319,117.78. Following the sale, the insider now directly owns 144,502 shares of the company’s stock, valued at $5,083,580.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 34,536 shares of company stock valued at $1,238,317 over the last ninety days. 3.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently made changes to their positions in the stock. West Tower Group LLC lifted its position in OFG Bancorp by 262.8% during the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock valued at $44,000 after purchasing an additional 854 shares during the period. Quantbot Technologies LP lifted its position in OFG Bancorp by 734.8% during the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,477 shares during the period. Quarry LP lifted its position in OFG Bancorp by 101.3% during the first quarter. Quarry LP now owns 2,562 shares of the bank’s stock valued at $64,000 after purchasing an additional 1,289 shares during the period. Creative Planning acquired a new position in OFG Bancorp during the third quarter valued at $94,000. Finally, US Bancorp DE lifted its position in OFG Bancorp by 609.4% during the fourth quarter. US Bancorp DE now owns 3,320 shares of the bank’s stock valued at $124,000 after purchasing an additional 2,852 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.