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

OFG Bancorp (NYSE:OFG) announced its earnings results on Thursday. The bank reported $1.05 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the business posted $0.96 earnings per share.

OFG Bancorp Trading Up 4.1 %

Shares of NYSE:OFG traded up $1.38 during mid-day trading on Friday, hitting $34.82. The company had a trading volume of 205,847 shares, compared to its average volume of 184,638. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market capitalization of $1.64 billion, a PE ratio of 8.90 and a beta of 1.09. The firm has a fifty day moving average price of $35.76 and a 200 day moving average price of $34.68. OFG Bancorp has a one year low of $22.34 and a one year high of $39.04.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.87%. 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 dividend payout ratio is presently 25.58%.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 9,697 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were 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 in the company, valued at $4,906,902. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 34,536 shares of company stock worth $1,238,317. 3.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP purchased a new position in shares of OFG Bancorp in the 4th quarter worth approximately $500,000. Barclays PLC increased its position in shares of OFG Bancorp by 41.1% during the 4th quarter. Barclays PLC now owns 106,266 shares of the bank’s stock valued at $3,982,000 after purchasing an additional 30,954 shares during the last quarter. West Tower Group LLC increased its position in shares of OFG Bancorp by 262.8% during the 4th quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock valued at $44,000 after purchasing an additional 854 shares during the last quarter. Nuveen Asset Management LLC raised 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 purchasing an additional 5,555 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in shares of OFG Bancorp by 67.6% in the 4th quarter. Public Sector Pension Investment Board now owns 97,654 shares of the bank’s stock worth $3,660,000 after buying an additional 39,401 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.