OFG Bancorp (NYSE:OFG) Issues Quarterly Earnings Results

OFG Bancorp (NYSE:OFG) issued its earnings results on Thursday. The bank reported $1.05 earnings per share (EPS) 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 period in the prior year, the firm posted $0.96 earnings per share.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $33.19 on Friday. OFG Bancorp has a 1-year low of $22.34 and a 1-year high of $39.04. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 8.75 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s 50-day moving average is $35.79 and its two-hundred day moving average is $34.65.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.01%. 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 payout ratio is presently 26.18%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other OFG Bancorp news, insider Ganesh Kumar sold 9,697 shares of OFG Bancorp stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80. Following the transaction, the insider now owns 134,805 shares of the company’s stock, valued at $4,906,902. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 34,536 shares of company stock worth $1,238,317 in the last ninety days. 3.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of OFG Bancorp by 0.3% during the 1st quarter. BlackRock Inc. now owns 7,235,843 shares of the bank’s stock worth $192,763,000 after buying an additional 21,245 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of OFG Bancorp by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,837,923 shares of the bank’s stock worth $102,243,000 after purchasing an additional 37,270 shares during the period. State Street Corp boosted its holdings in OFG Bancorp by 6.9% during the first quarter. State Street Corp now owns 2,301,099 shares of the bank’s stock worth $61,646,000 after buying an additional 148,014 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of OFG Bancorp by 5.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,442,422 shares of the bank’s stock valued at $35,973,000 after acquiring an additional 68,968 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of OFG Bancorp by 0.4% during the 4th quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank’s stock worth $52,466,000 after acquiring an additional 5,555 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

About OFG Bancorp

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.