OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) released 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 net margin of 23.62% and a return on equity of 16.25%. During the same quarter in the prior year, the business posted $0.96 EPS.

OFG Bancorp Trading Down 0.7 %

Shares of NYSE:OFG opened at $33.19 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 8.75 and a beta of 1.09. OFG Bancorp has a 1-year low of $22.34 and a 1-year high of $39.04. The company has a 50 day moving average price of $35.79 and a 200 day moving average price of $34.65.

OFG Bancorp Increases Dividend

The firm also recently announced 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 3.01%. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s payout ratio is presently 26.18%.

Analyst Ratings Changes

Separately, Wells Fargo & Company dropped 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.

Insider Activity

In other OFG Bancorp news, insider Ganesh Kumar sold 9,071 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78. Following the sale, the insider now owns 144,502 shares in the company, valued at approximately $5,083,580.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 34,536 shares of company stock valued at $1,238,317 over the last three months. Insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of large investors have recently made changes to their positions in the business. West Tower Group LLC boosted its holdings 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 purchasing an additional 854 shares during the period. Quantbot Technologies LP increased its stake in shares of OFG Bancorp by 734.8% in the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock worth $42,000 after acquiring an additional 1,477 shares during the last quarter. Quarry LP raised its holdings 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 acquiring an additional 1,289 shares in the last quarter. Creative Planning acquired a new position in shares of OFG Bancorp during the 3rd quarter worth $94,000. Finally, US Bancorp DE lifted its stake in shares of OFG Bancorp by 609.4% in the 4th quarter. US Bancorp DE now owns 3,320 shares of the bank’s stock valued at $124,000 after purchasing an additional 2,852 shares during the last quarter. Institutional investors and hedge funds 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.