OFG Bancorp (NYSE:OFG) to Buyback $200.00 million in Outstanding Stock

OFG Bancorp (NYSE:OFG) declared that its board has authorized a stock repurchase program on Wednesday, January 28th, RTT News reports. The company plans to buyback $200.00 million in shares. This buyback authorization allows the bank to reacquire up to 12% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OFG. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $43.00 price objective (down previously from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. UBS Group set a $50.00 price target on shares of OFG Bancorp in a research report on Thursday, October 9th. Piper Sandler began coverage on OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective for the company. Finally, Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Stock Down 0.6%

Shares of NYSE OFG traded down $0.23 during trading hours on Wednesday, hitting $37.67. The company had a trading volume of 387,459 shares, compared to its average volume of 245,423. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $40.87 and its 200-day moving average is $42.01. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.11. The stock has a market capitalization of $1.66 billion, a P/E ratio of 8.22 and a beta of 0.77.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. The company had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 EPS. On average, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. OFG Bancorp’s payout ratio is 26.20%.

Insider Activity at OFG Bancorp

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the transaction, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jorge Colon sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the sale, the director owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This trade represents a 47.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,500 shares of company stock valued at $2,564,302. 2.16% of the stock is owned by company insiders.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.