OFG Bancorp (NYSE:OFG) Announces Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) announced its quarterly earnings data on Tuesday. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.21, RTT News reports. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The company had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. During the same quarter in the prior year, the firm earned $1.15 EPS.

OFG Bancorp Stock Up 4.1%

Shares of OFG traded up $2.05 during mid-day trading on Tuesday, hitting $52.05. 35,552 shares of the company’s stock were exchanged, compared to its average volume of 340,173. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 10.72 and a beta of 0.70. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $52.36. The firm has a fifty day moving average of $47.30 and a two-hundred day moving average of $43.55. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, June 30th. OFG Bancorp’s payout ratio is currently 28.93%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OFG. Benchmark assumed coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Piper Sandler restated a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Finally, Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, OFG Bancorp presently has a consensus rating of “Hold” and an average target price of $49.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of OFG Bancorp by 8.8% in the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the last quarter. Quantbot Technologies LP acquired a new stake in OFG Bancorp in the 2nd quarter valued at about $162,000. Arrowstreet Capital Limited Partnership raised its position in OFG Bancorp by 63.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after purchasing an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.