OFG Bancorp (NYSE:OFG) Posts Earnings Results, Beats Expectations By $0.10 EPS

OFG Bancorp (NYSE:OFG) announced its quarterly earnings data 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 period in the previous year, the firm earned $0.96 earnings per share.

OFG Bancorp Stock Up 4.1 %

NYSE:OFG opened at $34.82 on Friday. OFG Bancorp has a 1 year low of $22.34 and a 1 year high of $39.04. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 8.91 and a beta of 1.09. The stock has a 50-day moving average price of $35.76 and a two-hundred day moving average price of $34.72.

OFG Bancorp Increases Dividend

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

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 134,805 shares of the company’s stock, valued at $4,906,902. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 34,536 shares of company stock valued at $1,238,317. Company insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OFG. Envestnet Asset Management Inc. boosted its position in shares of OFG Bancorp by 1,956.2% during the first quarter. Envestnet Asset Management Inc. now owns 178,726 shares of the bank’s stock worth $38,000 after buying an additional 170,034 shares during the period. Quantbot Technologies LP boosted its position in shares of OFG Bancorp by 734.8% during the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock worth $42,000 after buying an additional 1,477 shares during the period. West Tower Group LLC boosted its position in shares of OFG Bancorp by 262.8% during the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock worth $44,000 after buying an additional 854 shares during the period. Quarry LP boosted its position in shares of OFG Bancorp by 101.3% during the first quarter. Quarry LP now owns 2,562 shares of the bank’s stock worth $64,000 after buying an additional 1,289 shares during the period. Finally, Creative Planning acquired a new position in shares of OFG Bancorp during the third quarter worth about $94,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.