OFG Bancorp (NYSE:OFG) Issues Earnings Results

OFG Bancorp (NYSE:OFG) posted its quarterly earnings data on Thursday. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $0.95 by $0.10, Briefing.com reports. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The firm had revenue of $213.49 million during the quarter, compared to analyst estimates of $175.20 million. During the same quarter last year, the business posted $0.96 EPS.

OFG Bancorp Stock Performance

NYSE OFG opened at $34.81 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market capitalization of $1.64 billion, a PE ratio of 8.90 and a beta of 1.09. OFG Bancorp has a 52-week low of $22.34 and a 52-week high of $39.04. The company has a 50-day simple moving average of $35.76 and a 200 day simple moving average of $34.68.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.25 dividend. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Wednesday, March 27th. OFG Bancorp’s payout ratio is 25.58%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reduced their target price on OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total value of $352,970.80. Following the completion of the sale, the insider now directly owns 134,805 shares of the company’s stock, valued at $4,906,902. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 34,536 shares of company stock worth $1,238,317 over the last three months. 3.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of OFG Bancorp by 0.3% during the first quarter. BlackRock Inc. now owns 7,235,843 shares of the bank’s stock worth $192,763,000 after acquiring an additional 21,245 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in OFG Bancorp by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,837,923 shares of the bank’s stock worth $102,243,000 after purchasing an additional 37,270 shares during the period. State Street Corp boosted its stake in OFG Bancorp by 6.9% in the 1st quarter. State Street Corp now owns 2,301,099 shares of the bank’s stock worth $61,646,000 after purchasing an additional 148,014 shares during the period. JPMorgan Chase & Co. grew its holdings in OFG Bancorp by 5.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,442,422 shares of the bank’s stock valued at $35,973,000 after buying an additional 68,968 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of OFG Bancorp by 0.4% during the fourth quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank’s stock valued at $52,466,000 after buying an additional 5,555 shares during the period. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Company Profile

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.