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

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

OFG Bancorp Price Performance

OFG opened at $34.81 on Friday. The business has a fifty day moving average of $35.76 and a 200 day moving average of $34.68. OFG Bancorp has a 52-week low of $22.34 and a 52-week high of $39.04. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.64 billion, a P/E ratio of 8.90 and a beta of 1.09.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. OFG Bancorp’s payout ratio is presently 25.58%.

Analyst Ratings Changes

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

Insider Activity at OFG Bancorp

In related news, insider Ganesh Kumar sold 9,697 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80. Following the completion of the transaction, the insider now owns 134,805 shares in the company, valued at approximately $4,906,902. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 34,536 shares of company stock worth $1,238,317 in the last quarter. 3.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On OFG Bancorp

A number of large investors have recently bought and sold shares of OFG. GSA Capital Partners LLP purchased a new stake in shares of OFG Bancorp in the 4th quarter worth $500,000. Barclays PLC lifted its holdings in shares of OFG Bancorp by 41.1% in the 4th quarter. Barclays PLC now owns 106,266 shares of the bank’s stock worth $3,982,000 after buying an additional 30,954 shares during the period. West Tower Group LLC lifted its holdings in shares of OFG Bancorp by 262.8% in the 4th quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock worth $44,000 after buying an additional 854 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of OFG Bancorp by 0.4% in the 4th quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank’s stock worth $52,466,000 after buying an additional 5,555 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in shares of OFG Bancorp by 67.6% in the 4th quarter. Public Sector Pension Investment Board now owns 97,654 shares of the bank’s stock worth $3,660,000 after buying an additional 39,401 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.