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

OFG Bancorp (NYSE:OFG) posted its quarterly earnings data 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. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. During the same quarter in the previous year, the company posted $0.96 EPS.

OFG Bancorp Price Performance

OFG traded up $0.47 during trading on Friday, reaching $33.91. 11,571 shares of the company traded hands, compared to its average volume of 240,186. The company has a market cap of $1.60 billion, a P/E ratio of 8.75 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84. OFG Bancorp has a 12-month low of $22.34 and a 12-month high of $39.04. The firm has a fifty day simple moving average of $35.79 and a 200 day simple moving average of $34.65.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. OFG Bancorp’s payout ratio is currently 26.18%.

Insider Transactions at OFG Bancorp

In related news, insider Ganesh Kumar sold 9,697 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $36.40, for a total transaction of $352,970.80. Following the completion of the transaction, the insider now directly owns 134,805 shares of the company’s stock, valued at $4,906,902. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 34,536 shares of company stock valued at $1,238,317. 3.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position 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 valued at $192,763,000 after acquiring an additional 21,245 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in OFG Bancorp by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,837,923 shares of the bank’s stock valued at $102,243,000 after purchasing an additional 37,270 shares during the last quarter. State Street Corp grew its stake in shares of OFG Bancorp by 6.9% in the 1st 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. increased its holdings in shares of OFG Bancorp by 5.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,442,422 shares of the bank’s stock worth $35,973,000 after buying an additional 68,968 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position 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 valued at $52,466,000 after buying an additional 5,555 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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