OFG Bancorp (NYSE:OFG) Releases Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• OFG Bancorp reported quarterly EPS of $1.33, beating analysts’ consensus estimate of $1.23 by $0.10. The bank posted a 24.08% net margin and 15.92% return on equity.
• Shares opened at $52.91, near their 12-month high of $54.47, while analysts maintained a generally cautious outlook: the consensus rating was “Hold” with a $56.50 price target.
• Insiders sold 66,352 shares worth approximately $3.49 million over the past 90 days, including sales by the CEO and a director.

OFG Bancorp (NYSE:OFG - Get Free Report) posted its quarterly earnings results on Wednesday. The bank reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.10, Zacks reports. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $52.91 on Wednesday. The stock has a market capitalization of $2.24 billion, a P/E ratio of 10.42 and a beta of 0.73. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm's 50 day moving average is $52.04 and its 200 day moving average is $48.96. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OFG. Zacks Research lowered OFG Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Benchmark began coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating on the stock. Wells Fargo & Company upped their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Tuesday, October 6th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $56.50.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Fernandez sold 52,352 shares of the business's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares of the company's stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Néstor de Jesús sold 4,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director owned 20,040 shares in the company, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 66,352 shares of company stock valued at $3,491,362. 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.

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