OFG Bancorp (NYSE:OFG) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

OFG Bancorp Stock Up 4.1 %

Shares of OFG opened at $34.81 on Friday. The firm’s 50-day simple moving average is $35.76 and its 200 day simple moving average is $34.68. 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 firm has a market cap of $1.64 billion, a P/E 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.

OFG Bancorp Increases Dividend

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 9,071 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total value of $319,117.78. Following the transaction, the insider now owns 144,502 shares of the company’s stock, valued at $5,083,580.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 34,536 shares of company stock worth $1,238,317 over the last three months. Insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

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

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.