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

OFG Bancorp (NYSE:OFG) posted its quarterly earnings results on Thursday. The bank reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.10, Briefing.com reports. The business had revenue of $213.49 million for the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $0.96 EPS.

OFG Bancorp Price Performance

NYSE:OFG opened at $34.81 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 8.90 and a beta of 1.09. OFG Bancorp has a 52 week low of $22.34 and a 52 week high of $39.04. The firm’s 50-day simple moving average is $35.76 and its 200 day simple moving average is $34.68.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.25 dividend. 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. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. OFG Bancorp’s payout ratio is presently 25.58%.

Analyst Ratings Changes

Separately, Wells Fargo & Company decreased their price target on shares of 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 news, insider Ganesh Kumar sold 9,071 shares of OFG Bancorp 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 completion of the sale, the insider now directly owns 144,502 shares in the company, valued at $5,083,580.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 34,536 shares of company stock worth $1,238,317 in the last quarter. Corporate insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of 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 buying an additional 703,543 shares in the last quarter. First Trust Advisors LP lifted its position in shares of OFG Bancorp by 236.5% during the 1st quarter. First Trust Advisors LP now owns 529,418 shares of the bank’s stock worth $13,204,000 after buying an additional 372,086 shares during the last quarter. Millennium Management LLC grew its position in OFG Bancorp by 54.4% in the fourth quarter. Millennium Management LLC now owns 868,246 shares of the bank’s stock valued at $23,929,000 after acquiring an additional 306,065 shares during the last quarter. BlackRock Inc. raised its stake in OFG Bancorp by 4.1% during the first quarter. BlackRock Inc. now owns 7,044,536 shares of the bank’s stock worth $175,691,000 after acquiring an additional 279,724 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of 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 in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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.