OFG Bancorp (NYSE:OFG) Issues Earnings Results

OFG Bancorp (NYSE:OFG) issued its quarterly earnings results on Wednesday. The bank reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.10, Zacks reports. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $52.91 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.24 billion, a PE ratio of 10.42 and a beta of 0.73. The company’s fifty day moving average is $52.04 and its 200 day moving average is $48.96. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $54.47.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on OFG shares. Truist Financial upped their price objective on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Benchmark started coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research report on Tuesday, October 6th. Finally, Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $56.50.

Insider Buying and Selling at OFG Bancorp

In other news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the transaction, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This trade represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 over the last three months. Company insiders own 1.23% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.