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

OFG Bancorp (NYSE:OFG) announced its earnings results on Wednesday. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $0.98 EPS.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $44.77 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The stock has a market cap of $2.05 billion, a PE ratio of 10.89 and a beta of 1.02. The stock has a fifty day moving average of $43.59 and a 200-day moving average of $43.21.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Tuesday, December 31st. OFG Bancorp’s payout ratio is currently 24.33%.

OFG Bancorp announced that its Board of Directors has initiated a share repurchase plan on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were 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 owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. 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 report on Thursday, October 17th. Wells Fargo & Company dropped their target price on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

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.