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

OFG Bancorp (NYSE:OFG) posted its earnings results on Thursday. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $213.49 million for 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 Price Performance

Shares of OFG stock opened at $34.81 on Friday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 8.90 and a beta of 1.09. The business’s fifty day moving average is $35.76 and its 200 day moving average is $34.68. OFG Bancorp has a twelve month low of $22.34 and a twelve month high of $39.04. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.17.

OFG Bancorp Increases Dividend

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, insider Ganesh Kumar sold 9,697 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total value of $352,970.80. Following the sale, the insider now directly owns 134,805 shares of the company’s stock, valued at $4,906,902. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 34,536 shares of company stock valued at $1,238,317 over the last ninety days. Company insiders own 3.11% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its holdings 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 valued at $38,000 after acquiring an additional 170,034 shares in the last quarter. Quantbot Technologies LP increased its holdings 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 valued at $42,000 after acquiring an additional 1,477 shares in the last quarter. West Tower Group LLC increased 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 valued at $44,000 after acquiring an additional 854 shares in the last quarter. Quarry LP increased 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 valued at $64,000 after acquiring an additional 1,289 shares in the last quarter. Finally, Creative Planning bought a new position in shares of OFG Bancorp during the third quarter valued at $94,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.