OFG Bancorp (NYSE:OFG) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

OFG Bancorp (NYSE:OFGGet Free Report) posted its quarterly earnings data on Wednesday. The bank reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12, Briefing.com reports. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. During the same period in the prior year, the business earned $0.98 earnings per share.

OFG Bancorp Trading Up 1.2 %

NYSE:OFG opened at $44.77 on Wednesday. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 10.89 and a beta of 1.02. The firm has a fifty day simple moving average of $43.59 and a two-hundred day simple moving average of $43.21.

OFG Bancorp Dividend Announcement

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

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.16% of the company’s stock.

OFG Bancorp declared that its Board of Directors has initiated a stock buyback program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Check Out Our Latest Report on OFG

OFG Bancorp Company Profile

(Get Free Report)

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.

See Also

Earnings History for OFG Bancorp (NYSE:OFG)

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