OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results, Misses Expectations By $0.02 EPS

OFG Bancorp (NYSE:OFG) announced its earnings results on Wednesday. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02), Briefing.com reports. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same quarter in the prior year, the company earned $0.95 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis.

OFG Bancorp Price Performance

Shares of NYSE:OFG traded down $0.37 on Friday, reaching $41.20. 68,657 shares of the company traded hands, compared to its average volume of 229,361. OFG Bancorp has a fifty-two week low of $28.32 and a fifty-two week high of $47.57. The stock has a market capitalization of $1.94 billion, a PE ratio of 10.60 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The company’s 50 day moving average is $43.71 and its 200-day moving average is $40.03.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.43%. OFG Bancorp’s dividend payout ratio is currently 25.58%.

Insider Activity

In other news, Director Jorge Colon sold 33,081 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the sale, the director now owns 70,919 shares in the company, valued at $3,243,125.87. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on OFG shares. Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday. Hovde Group lifted their price target on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company upped their price objective on OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd.

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.