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

OFG Bancorp (NYSE:OFG) released its quarterly earnings results 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. The business had revenue of $213.49 million during the quarter, compared to the consensus estimate of $175.20 million. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. During the same quarter last year, the company earned $0.96 earnings per share.

OFG Bancorp Stock Performance

Shares of NYSE:OFG traded up $1.38 during trading on Friday, reaching $34.82. 205,847 shares of the company’s stock traded hands, compared to its average volume of 184,638. The stock has a market capitalization of $1.64 billion, a P/E ratio of 8.90 and a beta of 1.09. OFG Bancorp has a 12 month low of $22.34 and a 12 month high of $39.04. The company has a 50 day moving average of $35.76 and a 200-day moving average of $34.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given 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 2.87%. The ex-dividend date of this dividend was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their price objective 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.

Insiders Place Their Bets

In other OFG Bancorp news, insider Ganesh Kumar sold 9,071 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $35.18, for a total value of $319,117.78. Following the sale, the insider now owns 144,502 shares in the company, valued at $5,083,580.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 34,536 shares of company stock valued at $1,238,317 over the last three months. Company insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its holdings in shares of OFG Bancorp by 15.5% during the second quarter. Captrust Financial Advisors now owns 10,208 shares of the bank’s stock valued at $259,000 after purchasing an additional 1,368 shares during the last quarter. ExodusPoint Capital Management LP raised its holdings in shares of OFG Bancorp by 11.7% during the second quarter. ExodusPoint Capital Management LP now owns 9,872 shares of the bank’s stock valued at $251,000 after acquiring an additional 1,037 shares during the period. Sei Investments Co. acquired a new position in OFG Bancorp in the 4th quarter worth approximately $223,000. Boothbay Fund Management LLC grew its position in OFG Bancorp by 8.6% during the 1st quarter. Boothbay Fund Management LLC now owns 8,532 shares of the bank’s stock worth $213,000 after purchasing an additional 676 shares in the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. purchased a new stake in shares of OFG Bancorp in the first quarter valued at $188,000. 92.73% of the stock is 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.