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

OFG Bancorp (NYSE:OFG - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The business had revenue of $213.49 million for the quarter, compared to analyst estimates of $175.20 million. During the same quarter in the prior year, the company earned $0.96 earnings per share.

OFG Bancorp Stock Up 4.1 %

Shares of OFG stock traded up $1.37 during trading hours on Friday, reaching $34.81. The company had a trading volume of 205,697 shares, compared to its average volume of 242,749. OFG Bancorp has a 12 month low of $22.34 and a 12 month high of $39.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.84 and a quick ratio of 0.83. The business has a fifty day simple moving average of $35.79 and a 200-day simple moving average of $34.65. The company has a market cap of $1.64 billion, a price-to-earnings ratio of 8.97 and a beta of 1.09.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Wednesday, March 27th. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.22. OFG Bancorp's dividend payout ratio (DPR) is currently 26.18%.

Analyst Ratings Changes

Separately, Wells Fargo & Company dropped their target price on OFG Bancorp from $41.00 to $40.00 and set an "overweight" rating on the stock in a report on Wednesday, April 10th.

Insider Activity

In related news, insider Ganesh Kumar sold 9,697 shares of OFG Bancorp stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80. Following the sale, the insider now directly owns 134,805 shares in the company, valued at $4,906,902. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 34,536 shares of company stock worth $1,238,317 over the last 90 days. 3.11% of the stock is currently owned by corporate insiders.

Institutional Trading of OFG Bancorp

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in OFG Bancorp by 0.3% in the first quarter. BlackRock Inc. now owns 7,235,843 shares of the bank's stock worth $192,763,000 after buying an additional 21,245 shares during the last quarter. Dimensional Fund Advisors LP increased its position in OFG Bancorp by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,837,923 shares of the bank's stock worth $102,243,000 after buying an additional 37,270 shares during the last quarter. State Street Corp increased its position in OFG Bancorp by 6.9% in the first 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 during the last quarter. JPMorgan Chase & Co. grew its position in shares of OFG Bancorp by 5.0% in the first quarter. JPMorgan Chase & Co. now owns 1,442,422 shares of the bank's stock valued at $35,973,000 after purchasing an additional 68,968 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of OFG Bancorp by 0.4% in the fourth quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank's stock valued at $52,466,000 after purchasing an additional 5,555 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.