OFG Bancorp (NYSE:OFG) Announces Earnings Results

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

OFG Bancorp Stock Up 4.1 %

Shares of OFG Bancorp stock traded up $1.38 on Friday, hitting $34.82. 205,847 shares of the company’s stock traded hands, compared to its average volume of 184,638. The stock has a market cap of $1.64 billion, a P/E ratio of 8.90 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. The firm’s 50-day moving average is $35.76 and its 200 day moving average is $34.68. OFG Bancorp has a 52-week low of $22.34 and a 52-week high of $39.04.

OFG Bancorp Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company decreased their price target 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

In related 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 transaction of $352,970.80. Following the transaction, the insider now directly owns 134,805 shares in the company, valued at $4,906,902. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 34,536 shares of company stock worth $1,238,317 over the last ninety days. 3.11% of the stock is owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

Large investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its stake in OFG Bancorp by 15.5% during the second quarter. Captrust Financial Advisors now owns 10,208 shares of the bank’s stock worth $259,000 after purchasing an additional 1,368 shares during the last quarter. ExodusPoint Capital Management LP increased its position in OFG Bancorp by 11.7% in the second quarter. ExodusPoint Capital Management LP now owns 9,872 shares of the bank’s stock worth $251,000 after buying an additional 1,037 shares during the period. Sei Investments Co. acquired a new stake in OFG Bancorp in the fourth quarter worth $223,000. Boothbay Fund Management LLC increased its position in OFG Bancorp by 8.6% in the first quarter. Boothbay Fund Management LLC now owns 8,532 shares of the bank’s stock worth $213,000 after buying an additional 676 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new stake in OFG Bancorp in the first quarter worth $188,000. 92.73% of the stock is currently owned by institutional investors.

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.