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

OFG Bancorp (NYSE:OFG) issued its quarterly 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 last year, the business posted $0.96 EPS.

OFG Bancorp Stock Up 0.2 %

Shares of NYSE OFG opened at $33.44 on Friday. The stock has a fifty day moving average price of $35.79 and a 200 day moving average price of $34.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.17. OFG Bancorp has a 12-month low of $22.34 and a 12-month high of $39.04. The company has a market cap of $1.58 billion, a P/E ratio of 8.75 and a beta of 1.09.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.25 per share. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.99%. OFG Bancorp’s payout ratio is presently 26.18%.

Analyst Ratings Changes

Separately, Wells Fargo & Company cut their price objective on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

Insiders Place Their Bets

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

Institutional Investors Weigh In On OFG Bancorp

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of OFG Bancorp by 0.6% during the third quarter. Royal Bank of Canada now owns 73,403 shares of the bank’s stock worth $1,845,000 after buying an additional 402 shares in the last quarter. Natixis Advisors L.P. grew its holdings in OFG Bancorp by 1.7% during the 1st quarter. Natixis Advisors L.P. now owns 27,562 shares of the bank’s stock worth $734,000 after acquiring an additional 465 shares in the last quarter. Captrust Financial Advisors increased its position in shares of OFG Bancorp by 7.0% in the 3rd quarter. Captrust Financial Advisors now owns 9,531 shares of the bank’s stock worth $240,000 after purchasing an additional 625 shares during the last quarter. Boothbay Fund Management LLC raised its stake in shares of OFG Bancorp by 8.6% in the 1st quarter. Boothbay Fund Management LLC now owns 8,532 shares of the bank’s stock valued at $213,000 after purchasing an additional 676 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of OFG Bancorp by 6.3% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 14,194 shares of the bank’s stock worth $370,000 after purchasing an additional 835 shares during 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.