OFG Bancorp (NYSE:OFG) Releases Earnings Results, Beats Expectations By $0.10 EPS

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. The company had revenue of $213.49 million for the quarter, compared to analyst estimates 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 last year, the firm posted $0.96 earnings per share.

OFG Bancorp Stock Up 4.1 %

OFG stock opened at $34.81 on Friday. 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 has a twelve month low of $22.34 and a twelve month high of $39.04. The business has a 50 day moving average price of $35.76 and a two-hundred day moving average price of $34.68. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 8.90 and a beta of 1.09.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio (DPR) is currently 25.58%.

Wall Street Analyst Weigh In

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 research report on Wednesday, April 10th.

Insider Transactions at OFG Bancorp

In other news, insider Ganesh Kumar sold 9,071 shares of OFG Bancorp stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78. Following the completion of the transaction, the insider now directly owns 144,502 shares in the company, valued at approximately $5,083,580.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 34,536 shares of company stock worth $1,238,317. 3.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in OFG Bancorp by 139.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,207,708 shares of the bank’s stock valued at $30,120,000 after purchasing an additional 703,543 shares during the period. First Trust Advisors LP boosted its stake in OFG Bancorp by 236.5% in the 1st quarter. First Trust Advisors LP now owns 529,418 shares of the bank’s stock valued at $13,204,000 after purchasing an additional 372,086 shares during the period. Millennium Management LLC boosted its stake in OFG Bancorp by 54.4% in the 4th quarter. Millennium Management LLC now owns 868,246 shares of the bank’s stock valued at $23,929,000 after purchasing an additional 306,065 shares during the period. BlackRock Inc. boosted its stake in OFG Bancorp by 4.1% in the 1st quarter. BlackRock Inc. now owns 7,044,536 shares of the bank’s stock valued at $175,691,000 after purchasing an additional 279,724 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after purchasing an additional 225,666 shares during the period. 92.73% of the stock is currently owned by 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.