OFG Bancorp (NYSE:OFG) Releases Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) posted its quarterly earnings data 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. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. During the same quarter last year, the company earned $0.96 EPS.

OFG Bancorp Stock Up 1.4 %

Shares of OFG stock traded up $0.47 on Friday, reaching $33.91. 11,571 shares of the stock were exchanged, compared to its average volume of 240,186. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 8.75 and a beta of 1.09. The business’s 50 day moving average price is $35.79 and its 200 day moving average price is $34.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. OFG Bancorp has a twelve month low of $22.34 and a twelve month high of $39.04.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.95%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.18%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at OFG Bancorp

In other news, insider Ganesh Kumar sold 9,697 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction 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 approximately $4,906,902. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 34,536 shares of company stock worth $1,238,317 over the last ninety days. Corporate insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of OFG Bancorp by 0.6% during the third quarter. Royal Bank of Canada now owns 73,403 shares of the bank’s stock worth $1,845,000 after purchasing an additional 402 shares in the last quarter. Natixis Advisors L.P. lifted its stake in OFG Bancorp by 1.7% in the first quarter. Natixis Advisors L.P. now owns 27,562 shares of the bank’s stock valued at $734,000 after buying an additional 465 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of OFG Bancorp by 7.0% in the third quarter. Captrust Financial Advisors now owns 9,531 shares of the bank’s stock valued at $240,000 after acquiring an additional 625 shares during the period. Boothbay Fund Management LLC grew its position in shares of OFG Bancorp by 8.6% during the first quarter. Boothbay Fund Management LLC now owns 8,532 shares of the bank’s stock worth $213,000 after acquiring an additional 676 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of OFG Bancorp by 6.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 14,194 shares of the bank’s stock valued at $370,000 after acquiring an additional 835 shares during the period. Hedge funds and other 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.