OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) released its quarterly earnings results on Tuesday. The bank reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.21, RTT News reports. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The business had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the previous year, the company posted $1.15 EPS.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $51.70 on Tuesday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $52.36. The company has a market cap of $2.19 billion, a PE ratio of 10.68 and a beta of 0.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87. The business has a 50-day simple moving average of $47.30 and a two-hundred day simple moving average of $43.55.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, June 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 28.93%.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP grew its position in OFG Bancorp by 8.8% during the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock worth $83,613,000 after purchasing an additional 164,818 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after purchasing an additional 13,121 shares in the last quarter. Millennium Management LLC increased its stake in OFG Bancorp by 7.8% during the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after purchasing an additional 57,572 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after buying an additional 133,046 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of OFG Bancorp by 0.5% in the fourth quarter. Deutsche Bank AG now owns 378,136 shares of the bank’s stock worth $15,496,000 after buying an additional 1,832 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on OFG shares. Piper Sandler reaffirmed a “neutral” rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Benchmark assumed coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Wells Fargo & Company boosted their price target on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Truist Financial raised their price objective on OFG Bancorp from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $49.00.

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.